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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, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- The University of Queensland
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
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