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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, 13 December 17
DEMAND FOR THERMAL COAL LOOKED RELATIVELY ROBUST - DANIEL HYNES
Coal prices were a touch higher. Demand for thermal coal looked relatively robust, after reports continued to surface that Chinese authorities have ...
Wednesday, 13 December 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
As another year is coming to an end and much has been already written about the positive reversal in the dry bulk market, we think it is interestin ...
Monday, 11 December 17
INDIA CONSUMERS ARE SAID TO BE DESPERATELY SEEKING CARGOES - DANIEL HYNES
Coal markets were stronger, as strong demand outside China continues to spur buying said Daniel Hynes, Senior Commodity Strategist at ANZ.
Acc ...
Monday, 11 December 17
CAPESIZE FFA MARKET LOOKING PROMISING MOVING FORWARD - FIS
Capesize
Another very promising day for the big ships as rates continued to firm in both oceans and the paper market ate into the backwardation s ...
Friday, 08 December 17
U.S. WEEKLY COAL PRODUCTION UP 11.6 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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Showing 1851 to 1855 news of total 6871 |
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- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
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