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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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Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Australian Coal Association
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
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