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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, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
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, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
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- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- White Energy Company Limited
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
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