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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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Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
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- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
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