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