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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, 07 February 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
Crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure ...
Tuesday, 06 February 18
THE FUNDAMENTALS FOR INDIAN COAL IMPORTS CONTINUE TO LOOK PROMISING - TORVALD KLAVENESS
Back in August we reported that the fundamentals impacting Indian coal imports looked more promising.
Trade flow data today implies 17.4Mt of ...
Monday, 05 February 18
SUPRAMAX : INDONESIA TO INDIA PASSING THROUGH SINGAPORE HAS SOFTENED
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has softened, week over week, own ...
Friday, 02 February 18
SUPRAMAX : INDONESIA TO CHINA COAL TRIPS ARE PAYING AROUND MID USD 9000 - FEARNLEYS
Supramax
Rather quiet week within Atl, specially Continent due to lack of cargoes.
According to Fearnleys Weekly - Dry bulk report published ...
Friday, 02 February 18
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 54.1 MMST, DOWN 8.8% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
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Showing 1816 to 1820 news of total 6871 |
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- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Interocean Group of Companies - India
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