We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
 Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the global economy undergoes structural changes, so does the derived ocean shipping activity, principally epitomized by the following abnormal trends:
(i) Constrained financing,
(ii) Deflation in asset prices, and
(iii) Shift in demand growth.
Constrained financing
First, ship financing in all of its forms is very restricted and will remain so in the years to come. There has been just one shipping IPO this year raising a mere $7m! Following the 2008 financial crisis, the excessively detailed banking legislation enacted, has forced bankers to spend more time filling out forms for regulators rather than understanding better their clients and the industry.
Despite monetary expansion, banks are not lending the excess supply of money but rather hoarding it. If you think this scarcity of financing is temporary and that the implications of Basel III have already been felt, you are simply wrong. In 2018 we also anticipate the IFRS 9 to take effect contributing to earlier recognition of credit losses, making it more expensive and difficult for banks to lend. So, via upcoming regulations, deleveraging will intensify both in the west and in emerging markets. Only the best buyers will receive money, good luck to smaller companies!
Deflation in asset prices
Second, the cost of creating new shipping assets, i.e., shipbuilding prices, are low, will get lower and will remain low for some time. Shipping deflation is due to vast manufacturing overcapacity from the previous cycle and technological change. We will experience newbuilding prices lower than the 2012 ones which at the time represented multi-year lows.
The Japanese shipbuilding prices, the premium in the sector, are correcting thanks also to the Yen now standing at 111 a dollar vs. 76 in 2012, while Chinese Builders, the floor of shipbuilding values, offer aggressive pricing assisted by the Yuan devaluations.
In S. Korea, we expect consolidation and further correction of prices following the recent elections. The abovementioned lack of financing will keep newbuilding appetite subdued for long. This will further drive prices down. And since newbuilding prices are in a sense an upper bound for second-hand prices in normal freight conditions, asset prices will stay deflated endangering the plans of opportunistic asset players.
Shift in demand growth
Third, there is a shift in growth as we transition from an industrial into a services and consumer economy. GDP growth per se, especially if anemic as it stands today, will not suffice to generate strong seaborne demand. However, with limited financing we can’t anticipate anything exciting on the physical side. The historical correlations and >1 multipliers between GDP and seaborne trade documented over several decades have been broken the last years and specifically last year seaborne trade growth was outnumbered by GDP growth. There are fears that outsourcing and globalization are reaching their limits and there are early signs of near sourcing and nationalization. Fighting pollution will remain a long-term driver, with its implications on coal, oil and regulations. Gas is coming catalyzed by shale developments!
We have indeed a new shipping abnormal -with constrained financing, assets deflation and shift in demand- and it is likely to stay with us for long. On the rosy side, the first two trends, will alleviate the two major causes of the ongoing crisis: exogenous money and excessive yard capacity.
By Panos Tsilingiris
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
Thursday, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
|
|
|
Showing 2446 to 2450 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- MS Steel International - UAE
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
|
| |
| |
|
