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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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Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- PTC India Limited - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
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