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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, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
Wednesday, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- The University of Queensland
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
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