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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.
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Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
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- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
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