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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
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