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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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Wednesday, 12 July 17
COAL HAS CONTINUED A STELLAR RUN OVER THE PAST YEAR GAINING ~10% OVER THE PAST QUARTER AND ~41% OVER THE PAST YEAR - LINOS KOGEVINAS
Having just passed the second quarter of 2017, it is interesting to take a look at the performance of the commodity market and how certain commodit ...
Monday, 10 July 17
A ROLLERCOASTER YEAR FOR COAL PRICES; ICPR ROSE 4.62% M/M
COALspot.com: Indonesian coal benchmark price rose 4.62% in July, government data showed.
The benchmark price of Indonesian thermal c ...
Monday, 10 July 17
THE FREIGHT MARKET WAS SHOWS A NEGATIVE TREND WEEK OVER WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Cape indexes show a negative trend week over week ...
Friday, 07 July 17
SHOULD WE BE AVOIDING GENERAL AVERAGE? - ALEX KEMP
KNOWLEDGE TO ELEVATE
Calls for general average to be abolished are nearly as old as the regime itself. A representative of Lloyd’s atten ...
Friday, 07 July 17
EIA ESTIMATES SHOW U.S WEEKLY COAL PRODUCTION UP 1.7 PERCENT
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.9 million short tonn ...
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Showing 2006 to 2010 news of total 6871 |
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- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
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