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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- VISA Power Limited - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
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