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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.
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Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- The University of Queensland
- Australian Coal Association
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
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