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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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Friday, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
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