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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, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
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