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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, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
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