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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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- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- The University of Queensland
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
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