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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Planning Commission, India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
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