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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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- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- The University of Queensland
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
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