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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, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
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Showing 2026 to 2030 news of total 6871 |
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- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
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