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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Wilmar Investment Holdings
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