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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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Friday, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- White Energy Company Limited
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- The University of Queensland
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
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