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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Planning Commission, India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
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