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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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Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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Showing 2071 to 2075 news of total 6871 |
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- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Planning Commission, India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
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