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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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Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
Friday, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
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Showing 2056 to 2060 news of total 6871 |
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- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- PTC India Limited - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Planning Commission, India
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