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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 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Australian Coal Association
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
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