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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, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
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- Xindia Steels Limited - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
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