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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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Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
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