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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, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
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Showing 2046 to 2050 news of total 6871 |
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- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Australian Coal Association
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- The University of Queensland
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
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