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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, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
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- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Australian Coal Association
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
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