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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, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- The University of Queensland
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
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