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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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Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
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- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
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