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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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Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
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- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Planning Commission, India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Posco Energy - South Korea
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
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