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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, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
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Showing 1806 to 1810 news of total 6871 |
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- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
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