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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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Friday, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Australian Coal Association
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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