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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, 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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- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Australian Coal Association
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
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