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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
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