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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, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
Wednesday, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
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- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- MS Steel International - UAE
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
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