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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, 09 August 16
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KNOWLEDGE TO ELEVATE
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- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Australian Coal Association
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- The University of Queensland
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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