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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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Thursday, 27 July 17
A VOLATILE WEEK IN THE CAPE MARKET - FEARNLEYS
Supramax
The black sea still performing well although bit fewer fixtures concluded/reported. Rates lie somewhere around 18 -19 on front-haul . Bo ...
Wednesday, 26 July 17
SHIPPIPNG MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
After an admittedly challenging 2016, the Dry Bulk market kicked off this year on a much more positive note, with all indices steadily increasing u ...
Monday, 24 July 17
THE FREIGHT MARKET ROSE THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK
COALspot.com: The Freight market rose this past week compared to the previous week, as BDI and Cape indexes show a positive trend week over week.
...
Friday, 21 July 17
ESTIMATED WEEKLY U.S. COAL PRODUCTION TOTALED APPROXIMATELY 15.3 MMST; UP 13.5% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tonn ...
Thursday, 20 July 17
SUPRAMAX: INDO COAL ROUNDS ARE TRADING AROUND MID/HIGH $11K WITH SINGAPORE DELIVERY - FEARNLEYS
Supramax
A positive week again in the Pacific with rates moving upwards.
According to Fearnleys Weekly Dry bulk report, Nopac rounds are pay ...
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Showing 1996 to 2000 news of total 6871 |
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- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- The University of Queensland
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- PTC India Limited - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
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