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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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Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Australian Coal Association
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
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