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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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Thursday, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
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Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
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Tuesday, 29 November 16
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- Parliament of New Zealand
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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