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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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Thursday, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- The University of Queensland
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
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