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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
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