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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, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
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- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
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