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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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Showing 2076 to 2080 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
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