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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, 31 October 16
INDONESIAN 5000 GAR COAL ROSE 5.56% WEEK OVER WEEK - CS COAL INDEX
COALspot.com: The price for thermal coal has recovered substantially since April 2016. The China’s new policy on its domestic coal miners, th ...
Friday, 28 October 16
STEAM COAL IMPORTS: CHINA AND INDIA'S ROLE REVERSALS - BEN TRIMMEL
While a sharp decline in European imports is a key driver of the expected fall in steam coal trade this year, China and India remain leading actors ...
Friday, 28 October 16
U.S. WEEKLY COAL OUTPUT ROSE DURING THE WEEK ENDING OCTOBER 22 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 27 October 16
73.08 PERCENT OF COAL PRODUCERS PREDICTED INDIA WILL NOT STOP COAL IMPORTS IN 2 TO 3 YEARS - POLL
COALspot released its weekly opinion poll "How likely do you think India will STOP thermal coal imports in 2-3 years?" this Monday.
...
Thursday, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
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- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
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