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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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Thursday, 21 December 17
SUPRAMAX: IN THE MOST CHANCE, DO NOT EXPECT ANY DRAMATIC CHANGES IN THE NEAR FUTURE - FEARNLEYS
Supramax
Market reducing speed. Rates are dropping further for supras outbound USG on fronth, bkhaul is more stable i.e $25k/22k respectively say ...
Wednesday, 20 December 17
INDONESIAN HBA FELL FOR THE FIRST TIME IN SIX MONTHS, GOVERNMENT DATA SHOWS
COALspot.com: HBA fell 0.80 per cent in December, marking the first fall for the Indonesian Coal Price Reference ( HBA) since June 2017, the latest ...
Monday, 18 December 17
U.S. COAL EXPORTS FOR THE FIRST THREE QUARTERS OF 2017 WERE 69 MMST; UP 68% M/M - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.5 million sho ...
Thursday, 14 December 17
SUPRAMAX: INDO COAL TO CHINA AROUND LOW $10K DELIVERY SINGAPORE
Supramax
Atlantic basin kept its firm pace with charters still busy with covering pre-holiday requirements. Ultras got close to $20k for ordinary ...
Wednesday, 13 December 17
REFINED COAL HAS MADE UP NEARLY ONE-FIFTH OF COAL-FIRED POWER GENERATION SO FAR IN 2017 - EIA
The U.S. power sector consumption of coal is increasingly shifting to refined coal, even as coal-fired electricity generation decreases. Use of ref ...
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Showing 1846 to 1850 news of total 6871 |
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- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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