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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Petron Corporation, Philippines
- Planning Commission, India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
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