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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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Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
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- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
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