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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 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
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