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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, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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Showing 2031 to 2035 news of total 6871 |
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- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Mjunction Services Limited - India
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