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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
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