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 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
|
| |
| |
|
