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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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Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
Monday, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
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- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
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