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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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Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
Friday, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
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- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
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