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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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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- The University of Queensland
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
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