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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, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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Showing 2031 to 2035 news of total 6871 |
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- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Australian Coal Association
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
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