We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
 The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its global growth expectations but as far as growth in emerging market and developing economies is concerned, expectations were unaffected. 2016 is still expected to be the first year since 2010 that growth in these countries will pick up and this is great news for the dry bulk market, as these economies, accounting for more than 70% of global growth, are also the main drivers of dry bulk shipping.
The Bad…
Supply. A lot of hopes have been generated from scrapping activity in bigger sizes this year but the truth is that we still have a long way to go before tonnage supply gets down to a level that it can meaningfully support earnings. Let’s look at some figures in the >120,000dwt range. These vessels accounted for 295.07m dwt in January, while today, despite all the intense scrapping we are only down to 294.87m., which means that cancellations and slippage made little difference once some of the scheduled deliveries kicked in. Adding to that the 12.00m dwt that have been ordered since January (30 Valemaxes) against the 11.94m dwt that have been scrapped during the same period and the answer to the “Are we there yet?” question becomes not just a simple “Not yet.” but rather a big fat “Not even close”.
And the Ugly.
Overlapping. Ultramaxes, Kamsarmaxes, Post-Panamaxes.
Can we create a new size called Evamax please?
Was the dry bulk trade actually in need of these sizes or has the market been getting ahead of itself since the last shipping boom? Fact; as designs evolve, ships change in both their efficiency and size. But then again shouldn’t the latter be a long-term process during which the fleet of the older size gets to substantially decrease? And much more importantly a process during which actual demand and consequently charterers and traders dictate parcel size needs much more than shipbuilders? It is no wonder that the poor old Panamax has been squeezed from both below (Ultramaxes) and above (Kamsarmaxes) in the dwt range, while the modern Post-Panamax fleet has been also striving to survive, simultaneously chocking those already battered Capesize margins.
“Buy now”, “Buy later”, “The best trade is no trade”.
Different strategies, different risks, different hopes. Someone who buys today a “cheap” vessel could potentially make money from a recovery in asset prices down the line. But is just “cheap” the goal? Let’s assume that the long awaited recovery in the Dry Bulk market delays much further. That instead of a more clearly shaped “up we go” in the period leading to the eventual recovery we get a lot of mini cycles, during which the bottom is around OPEX and the ceiling not too way above. The current crisis in the dry bulk sector – as every crisis does - will undoubtedly generate a new cluster of prosperous shipowners. Whether in this specific crisis these will be the ones betting on a meaningful asset play in the next couple of years (achieved with bigger, more expensive sizes) or the ones investing in vessels that can find employment much easier during market downturns, is probably the question at hand. Investing in a size that can cover more commodities, more ports, has fewer operating expenses and let’s face it is not as easily “controlled” by bigger players, allows owners to not just bet on the asset’s appreciation – a rather risky bet if it takes much longer for the market to recover – but also operate their ships in a less challenging/volatile environment. After all, even though history does repeat itself during market cycles, the fundamentals during the times it does usually differ vastly.
By Eva Tzima
Research Analyst
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, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
|
|
|
Showing 2336 to 2340 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- IEA Clean Coal Centre - UK
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Marubeni Corporation - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- White Energy Company Limited
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
|
| |
| |
|
