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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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Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Eastern Coal Council - USA
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