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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
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