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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 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Parliament of New Zealand
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