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Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
 Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners investing in the dry bulk market have been particularly busy lately, there is limited interest in the second-hand tanker market, activity in which is about 68% compared to the first quarter of 2016.
‘Sluggishness’ is therefore the defining characteristic used to describe the situation in the tanker SnP market, while in the freight market, rates maintain healthy, well above OPEX levels, but not high enough to inspire overwhelming positive expectations. This trend has resulted in decreasing asset prices and may well be the window of opportunity for owners wishing to invest in vessels priced at fairly reasonable levels.
Looking into the MR segment, the table below gives a breakdown of values for different asset classes since 2012.
The last done “MARE ACTION” (30,058dwt-blt 05, S. Korea), which was sold for a price close to $10.0m together with the small 15-yr old MR2, basis SS/DD due, which can be fixed close to $8.0m, are indicative of the particularly attractive prices currently prevailing in the sector.
Despite those rather attractive prices in the tanker market though, it is SnP activity in the dry bulk sector that has been monopolizing everyone’s interest lately. However, after consecutive weeks of increasing asset prices and with more than 200 dry bulk SnP deals - ranging from Handies to Capes – at the closing of Q1, there are a few voices now in the market insisting that this rally will gradually show signs of cracking and exhaustion.
The above estimation is based on a couple of things. On one hand potential buyers have gradually started to lose interest in paying todays’ increased levels, thinking this momentum might ease at some point and push prices – even slightly – down.
On the other hand, Sellers seem to be the one in control at the moment, able to set the premium over the last done and consequently asking for significantly higher prices even a few days after the last reported deal. The above market dynamics create a gap in the second hand market that is capable of restricting second hand activity until market perception becomes more accurate with both buyers and sellers re-adopting a more realistic attitude.
To summarize, while the dry bulk and tanker markets may be at different stages of their respective cycles, they both certainly display interest for different reasons nonetheless.
By Nasos Soulakis
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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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
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