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Wednesday, 28 June 17
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
 From the beginning of the year until now SnP activity has changed significantly. To put things into perspective, after a fast and furious q1 on the dry bulk side, which counted 219 bulk carriers transactions, a rather sluggish q2 followed with 130 transactions, translating to a 41% decrease. Currently, as we are approaching the end of June, we can say that buyers and investors have switched more into a reflection mode, contemplating whether and when they should buy or sell again. Some are looking to flip ships they bought cheaper and others wait for second-hand prices to keep pointing downwards and move to more attractive levels.
In the meantime, the one factor that appears rather consistent between the first and the second quarter of the year is the hire market. Indeed, with the exception of Capesize rates that are today 58% down compared to year highs, averages earnings for all other sizes are more or less faring around 2017 average levels. Capesize market aside, there is comfort in this consistency as it also evidences stability and of course stronger resistance formed by owners. Saying that I believe that this consistency was somewhat already priced in Buyers’ expectations during the past months and it can’t provide additional steam to asset prices at this stage.
The fact that ships are not operating anymore at sub-OPEX levels as they did during the better part of 2016, is indeed encouraging for a lot of owners who contemplate buying, but the decisive factor is purely the overall picture that the fleet has. Regulations, not excessive order books and lack of financing, are all factors highly anticipated to start having an impact on the supply and demand equilibrium between cargoes and vessels.
Currently, there is still overall decent movement on the SnP side. Buyers are inspecting and offering but there is a lot of restrain as far the levels at which respective vessels should be attained and how aggressively this marketed tonnage should be pursued at and in a way it makes sense that this sort of discipline is demonstrated.
Second-hand prices only rose earlier this year because perspective buyers were willing to offer and compete on tonnage. Now there is no such desire, at least not to the extent that there was before. Until the hire market moves up to levels that have not been reached during the past 6 years, Buyers will continue being the ones that dictate prices and with the exception of mid-spring, this trend has been very clear during the year so far.
Sellers have made a few attempts to push prices higher especially on larger vessels. It started on the Kamsarmax / Panamax size where the price of a 5-year-old flirted with levels of the respective newbuilding. The moment a non-eco Kamsarmax deal was close to the prices of a 2018 slot, buyers started to hold back with military discipline. During the same period, Capesize asset prices on reported deals, although still far from newbuilding price levels, also inspired Sellers to ask for more but Buyers held back in this instance as well.
We can list concluded deals and recent sales as well as failed sales and ships that are not sold for months, but the bottom line stays the same. This is and will remain for the better part of the remaining years of this decade purely a Buyers’ market, at least on the Dry Bulk side. This is not necessarily bad of course. After all, in a market that the hires are not super healthy, it’s good to know that there is still some control in the hands of the owners.
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, 05 July 17
TROUBLE SEEMS TO BE LOOMING ONCE MORE IN THE STEEL INDUSTRY - GEORGE LAZARIDIS
Trouble seems to be looming once more in the steel industry as US President Trump puts forth his plans for specialist protectionist measures for th ...
Friday, 30 June 17
U.S. WEEKLY COAL OUTPUT SLIGHTLY DOWN
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tonn ...
Monday, 26 June 17
PANAMAX/KAMARMAXES HAD A STRONG WEEK WITH RATES RISING IN MOST AREAS OF THE MARKET - BALTICEXCHANGE
Capesize
A dark cloud appeared to have descended over the market for the big ships with rates continuing to slide in all areas. There was a repor ...
Friday, 23 June 17
U.S. WEEKLY COAL PRODUCTION TOTALED APPROXIMATELY 15.8 MMST; UP 1.8% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.8 million short tonn ...
Wednesday, 21 June 17
MARKET INSIGHT - SHIPPING
Looking back at March and April shipping reports when the dry bulk indexes were starting to move up, a number of shipping analysts were stating tha ...
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Showing 2016 to 2020 news of total 6871 |
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- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
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