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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, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
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