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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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Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Planning Commission, India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- The University of Queensland
- Australian Coal Association
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
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