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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, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
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