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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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Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
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