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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, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
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