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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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Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
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, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
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- Indian Oil Corporation Limited
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- ASAPP Information Group - India
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- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
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- San Jose City I Power Corp, Philippines
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- Georgia Ports Authority, United States
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- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
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- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
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- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
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- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
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- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
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- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
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- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
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- Australian Coal Association
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- Wilmar Investment Holdings
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- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
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- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
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