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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.
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Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
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- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Planning Commission, India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
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