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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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Friday, 22 December 17
COAL INDIA BOARD CLEARS THE WAY FOR SCHEME FOR HARNESSING AND ALLOCATING KOYALA (COAL) TRANSPARENTLY IN INDIA - PIB
The Coal India Limited (CIL) Board cleared the decks for signing of Fuel Supply Agreement (FSA), for supply of coal.
According to Press Inform ...
Friday, 22 December 17
WILL THE DRY BULK INDUSTRY BECOME PROFITABLE IN 2018? - PETER SAND, BIMCO
As the dry bulk fleet is already expected to grow at a pace that matches demand growth expected in 2019, focus must be on improving the fundamental ...
Friday, 22 December 17
ESTIMATED U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 21 December 17
COAL CONSUMPTION DROPS AS GAS AND RENEWABLES CHEW INTO TRADITIONAL MARKETS - BABS MCHUGH
"The share of coal in the global energy mix is forecast to decline from 27 per cent last year to 26 per cent in 2022"
Global demand ...
Thursday, 21 December 17
FUEL SHORTAGE TRIGGERS JUMP IN COAL PRICES - CHINA DAILY
China’s thermal coal prices jumped recently as natural gas shortages across the north spurred an unexpected resurgence in demand for coal-fir ...
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Showing 1841 to 1845 news of total 6871 |
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- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- The University of Queensland
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
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