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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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Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- White Energy Company Limited
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Georgia Ports Authority, United States
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
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