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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
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