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Wednesday, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
 If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentiment changes in the blink of an eye. Regulations, tariffs, sanctions, you name it, all play their part. For some, volatility provides opportunities and possibilities to speculate and invest. For others volatility only prolongs the uncertainty and adds to the fatigue. Either way this is the current reality and there are no signs that things will change and become more predictable.
It is widely accepted that shorter cycles are here to stay. Orderbooks and scraping do play a role but sentiment and trade agreements are in the driver's seat. In an industry that is 100% capital intensive to begin with, now more than ever the need for quick reflexes is imperative.
Shorter cycles that span anywhere from 6 to 18 months mean that the opportunity to make money for shipowners is heavily dependent on the price they paid to acquire or build the asset. With that being said the term “asset play” gains a different meaning. The ability to be able to sell or buy an asset when opportunity arises will be very important to the survival let alone the prosperity of a shipping company. Asset play will become more complex and more structured. An early sign of this is last year's import regulations that China implemented that very quickly created a sub-market segregating Tier I and Tier II ships within each size segment.
Don't get me wrong, the way a company operates or charters their assets will still always be the main source of income and will stay at the core of the business model separating the good from the very successful, but the ability to let go of an asset or the capacity to buy an asset due to an opportunity, will give a significant edge to anyone that can do it.
In a market environment that financing remains scarce, expensive and for many still not easily accessible all of the above is easier said than done. But you can’t or at least you should not ignore where things are heading.
More than ever before, this industry is being led by people that know shipping or at least are willing to have a long presence in shipping. The outlanders that entered - or invaded for some - the previous years have either switched focus or have taken the back seat after years of failing to predict the market, realizing that liquidity is not easily achieved when all things go south.
All in all, as long as newbuilding ordering is rational and mostly driven by need of new tonnage and reasonable speculation, over-supply will stay in check, adjust and eventually cease to exist and in my humble opinion shorter cycles will play a role to that. For a shipping company this will make the need for increased SnP activity vital. We are moving towards an industry that will be even faster paced going forward, with new possibilities to be explored and new boundaries, technological and operational to be pushed. With the BDI currently at very low levels it is only logical that we cannot see the forest for the trees, but the forest is there and it is full of opportunities.
By Timos Papadimitriou
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
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- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
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