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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Australian Coal Association
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
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