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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.
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Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
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