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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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Tuesday, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
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- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Planning Commission, India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
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