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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, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Australian Coal Association
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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