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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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Thursday, 01 December 16
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Tuesday, 29 November 16
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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