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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, 30 June 17
U.S. WEEKLY COAL OUTPUT SLIGHTLY DOWN
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tonn ...
Wednesday, 28 June 17
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
From the beginning of the year until now SnP activity has changed significantly. To put things into perspective, after a fast and furious q1 on the ...
Monday, 26 June 17
PANAMAX/KAMARMAXES HAD A STRONG WEEK WITH RATES RISING IN MOST AREAS OF THE MARKET - BALTICEXCHANGE
Capesize
A dark cloud appeared to have descended over the market for the big ships with rates continuing to slide in all areas. There was a repor ...
Friday, 23 June 17
U.S. WEEKLY COAL PRODUCTION TOTALED APPROXIMATELY 15.8 MMST; UP 1.8% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.8 million short tonn ...
Wednesday, 21 June 17
MARKET INSIGHT - SHIPPING
Looking back at March and April shipping reports when the dry bulk indexes were starting to move up, a number of shipping analysts were stating tha ...
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Showing 2016 to 2020 news of total 6871 |
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- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
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