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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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Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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