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Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms of sentiment. The so called work horse of the segment, the Panamax that has been very sought after for a short period, is now slowly losing popularity to the increasingly attractive Supramax. Values have risen and dropped in the blink of an eye along with the number of actual buyers.
On the tanker side, appetite was never subdued. From MRs up to VLCC there is an increasing number of investors that inspect, bid and buy across all segments and ages. If we focus on the most resilient type of tanker, which is the MR2 tanker, we can see that with the exception of June and July, monthly SnP transactions have been in the double digits during the past five months. The table below shows exact numbers. (please find attached)
In a total of 61 sales since May, 36 were S. Korean built and 18 were Japanese built. There are no surprises here. Looking at the numbers something interesting to point out is that almost half of these deals concern ships that have been built between 2008 and 2011. So this four year bracket seems to be the sweet spot as far as balancing price and longevity.
Autumn is traditionally a period where charter rates tend to increase. With 12 sales having concluded so far in September, we can see the popularity of MR2s remains at full force. Expectations about the 2020 regulations have provided enough reason for buyers to look for ships in order to take advantage of the anticipated increase of cargoes next year. It remains to be seen if this bet will be won. Having said that, the reality is the resilience of MRs has been remarkable. There were times that many thought that the handy MR tankers will be the way forward or the LR2s. So far both predictions failed to hold truth.
Going back to the sweet spot of vessels that have been built around 2008-2011, values range on average from low $16.0m for a Korean built in 2008 to low $20.0m for a Korean 2011 built. Anything even one year older sees a drop in the value of more than 10%, whereas candidates built post 2011 are asking for a significant premium above. It seems that the market has indeed created expectations for better days but both investors and banks are still not that bullish in order to bet on younger ships.
2020 is just around the corner so we won’t have to wait too long to see how things will unfold and if the 08-11 built vessels will justify their current popularity.
By Timos Papadimitriou
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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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Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
Friday, 22 March 24
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Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
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Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
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- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
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