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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, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- Coalindo Energy - Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
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