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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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Friday, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- The University of Queensland
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Australian Coal Association
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
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