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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, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
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Showing 2046 to 2050 news of total 6871 |
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- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
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