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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, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
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- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Posco Energy - South Korea
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