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, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
|
|
|
Showing 2376 to 2380 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
|
| |
| |
|
