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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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Showing 2066 to 2070 news of total 6871 |
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- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Planning Commission, India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
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