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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, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- The University of Queensland
- Australian Coal Association
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
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