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Wednesday, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
 Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers reported are close to last done levels and despite the pressure in the beginning of the month, the spot market also seems to be resisting a further drop during the past week. All this has helped S&P activity to stay rather strong during a time when Buyers traditionally remain on the sidelines.
But even if 2018 ends up being a good year overall for the dry bulk market or even better than 2017; how long can this last?
Don't get me wrong, I am not expecting a collapse or a blood bath. After the lengthy period during which the massive orderbook had been casting a shadow over earnings and chocking any efforts for recovery, the market seems to have finally started reaching a balance and by this I mean that we are finally heading towards a cyclical behavior of transparent highs and lows.
Now in regards to the duration of those ups and downs, this is yet to be seen but nonetheless a more predictable or at least foreseeable market is something that ship owners, charterers and yards would love to experience again after many years of uncertainty.
We have witnessed rather short cycles in the tanker market with highs and lows being fully developed in a span of 34-44 months. But as far as tankers are concerned, we have also seen a solid differentiation between the crude and product market. It is not wrong to even talk about two different markets instead of unifying them under a single tanker market.
The shorter cycles have caused shrinkage of the duration of any windows for buying low or selling high. It is not unreasonable to expect that the dry bulk market will eventually start to show similar patterns if the aforementioned balance occurs.
It is hard to say if any specific dry bulk size segments that are highly dependable on very specific/limited number of cargoes will form sub-markets that will affect respectively asset values independently from the course of the sector as a whole as it has been the case for tankers. For example product cargo vessels have retained a more stable residual value (especially in the case of assets younger than 11 years) compared the crude carrying ships whose values appeared to be way more volatile.
But this it not the main concern or question of this insight. The main point is that a return to a more cyclical market will indeed require better reflexes on behalf of investors when it comes to placing money into either second hand or newbuilding assets.
This will put pressure to investors to have cash or finance easily accessible when opportunities arise. How will this influence the overall ship-owing land scape is yet to be seen. All of the above is pure speculation. For what is worth, we might be in the doorstep of another super cycle that will last more than 4 years. Time will tell.
By Timos Papadimitriou
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.
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Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
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Showing 1801 to 1805 news of total 6871 |
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- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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