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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, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
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Showing 2051 to 2055 news of total 6871 |
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- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Parliament of New Zealand
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