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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, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- The University of Queensland
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
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