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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Planning Commission, India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
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