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Wednesday, 19 July 17
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
 Referring back to a previous Intermodal insight that was written in the first quarter of 2017, the author at the time had claimed that MR tanker rates were at healthy levels and above OPEX-CAPEX levels which, coupled with low asset prices, created an entry for potential investors to achieve attractive margins.
After almost four months, the view of that insight appears to have been accurate, as we observed numerous ship-owners who, having adopted the strategic approach to invest in MRs, benefited from the low asset prices together with the slightly improved freight rates compared to Q1.
To put things into perspective, Q2 saw an increase of around 42% on SnP transactions compared to Q1, although this what not followed by an equally sharp increase in earnings. Representative examples of recent SnP transactions during this period are the sales of the ‘NORD INDEPENDENCE’ (48,005dwt-blt 10, Japan) and the ‘NORD INTEGRITY’ (48,026dwt-blt 10, Japan), which were sold last month with only a few weeks difference for a price of $18.0m and $17.5m respectively.
When comparing the aforementioned sales with that of the ‘MARE CARIBBEAN’ (46,718dwt-blt 04, S. Korea), which was sold at the end of March for a price of $17.5m, we can observe a certain degree of stability on asset prices that seems to have persisted throughout the first half of the year.
Looking at available tonnage throughout the year so far and more specifically at vessels up to 15 years of age, there has been steadily a number of around 25 to 30 available units considered as eligible sale candidates, which combined with various private units, has been an ideal pool of choices for perspective Buyers.
Taking all of the above into account, it quickly becomes apparent that asset prices are stable at attractive levels despite the increased interest for MR tonnage. Furthermore, there is still the possibility for selective transactions within the MR segment.
Looking at the table above and more specifically the order-book to the fleet ratio for vessels that are above 15 years of age, it seems that the outlook in terms of tonnage supply is fairly healthy when compared to sizes like Panamax/LR1 and Aframax/LR2, estimated at around 102% and 72% respectively.
If one was to add to the balanced supply aspect that of the relatively steady freight market and of course the increased buying interest in the sector, it seems like the MR size remains a rather attractive investment at the moment.
By Nassos 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, 08 August 17
COAL SALES DESTINATION IS DOMINATED BY DEVELOPING COUNTRIES IN ASIA - ADARO
COALspot.com: Adaro Energy has produced 13.27 million tonnes of coal during the second quarter of 2017, from the mines PT Adaro Indonesia, PT Semes ...
Tuesday, 08 August 17
KOMIPO INVITES BIDS FOR 5200 AND 5700 NAR COAL FOR Q4 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 420,000 Metric Tons of Bituminous coal ...
Monday, 07 August 17
INDIA'S THERMAL COAL IMPORTS HAVE FALLEN BY 16% YEAR-ON-YEAR IN THE FIRST FIVE MONTHS OF THIS YEAR
COALspot.com: The second quarter of 2017 was characterized by volatility in the coal market driven by policy measures and weather disruptions say A ...
Monday, 07 August 17
BUMA SIGNED $385 MILLION WORTH OF NEW CONTRACT WITH PT PADA IDI
COALspot.com: PT Delta Dunia Makmur Tbk., has announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into min ...
Monday, 07 August 17
THE SHIPPING INDEXES BOUNCE BACK THIS PAST WEEK
COALspot.com: The Freight market rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ove ...
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Showing 1981 to 1985 news of total 6871 |
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- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
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