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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, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
Wednesday, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- White Energy Company Limited
- The University of Queensland
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
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