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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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Friday, 04 August 17
U.S. WEEKLY COAL OUTPUT UP 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
Friday, 04 August 17
IMPORTED COAL CONTINUES TO BE A COMPETITIVE, SAFE AND RELIABLE ENERGY SOURCE FOR GERMANY - VDKI
COALspot.com: Worldwide hard coal production in 2016 declined by 3.8% to 6.7 billion tonnes.
According to the Germany Coal Importers Associati ...
Thursday, 03 August 17
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE GETTING FIXED AROUND MID $8000 - FEARNLEYS
In the Pacific rates have remained weak and under pressure this week with most routes softening.
Indo/China coal rounds are getting fixed arou ...
Thursday, 03 August 17
BUMI RESOURCES COAL SALES RELATIVELY FLAT AT 41.5 MILLION TONS IN 1H' 17; REPORTS US$162.3 MILLION PROFIT IN FIRST SEMESTER
COALspot.com: The BUMI Resources, Indonesia’s one of the largest coal producer, has reported a net income of $162.3 million in 1H’ 17 c ...
Wednesday, 02 August 17
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
During the duration of the first half of the year, the dry bulk market saw intense buying interest that boosted SnP prices significantly. We saw a ...
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Showing 1986 to 1990 news of total 6871 |
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- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- SMC Global Power, Philippines
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
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