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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, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
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KNOWLEDGE TO ELEVATE
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Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
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- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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