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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, 31 October 16
INDONESIAN 5000 GAR COAL ROSE 5.56% WEEK OVER WEEK - CS COAL INDEX
COALspot.com: The price for thermal coal has recovered substantially since April 2016. The China’s new policy on its domestic coal miners, th ...
Friday, 28 October 16
STEAM COAL IMPORTS: CHINA AND INDIA'S ROLE REVERSALS - BEN TRIMMEL
While a sharp decline in European imports is a key driver of the expected fall in steam coal trade this year, China and India remain leading actors ...
Friday, 28 October 16
U.S. WEEKLY COAL OUTPUT ROSE DURING THE WEEK ENDING OCTOBER 22 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 27 October 16
73.08 PERCENT OF COAL PRODUCERS PREDICTED INDIA WILL NOT STOP COAL IMPORTS IN 2 TO 3 YEARS - POLL
COALspot released its weekly opinion poll "How likely do you think India will STOP thermal coal imports in 2-3 years?" this Monday.
...
Thursday, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
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- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
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