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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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Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
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- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
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