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Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
 In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do with traditionally crude carriers and 29 involving ships from 33kdwt up to 78kdwt. As brokers we can say that even if there were twice as many ships available for sale there would still be buyers left hungry for tonnage. The strategy of investing in a low market seems to be in full effect now. Shipowners are willing to purchase and subsidize a tanker for a period of time until better days are on the horizon.
So, are better days upon us soon?
The same question was asked back in 2016 when the dry market was in trouble and assets were being sold for almost 40% less compared to now. Many back then thought that the market would sink even further. Instead, improving fundamentals and a consequent change of mood resulted in an asset value rally that lasted all the way until the second quarter of 2018.
As far as the tanker market is now concerned, the reality is that better days have been anticipated during the past couple of years, with different milestones set for crude and product tankers respectively. The product story, the BWMS system story and the demolition story were some of them, with the last one being tight up mostly to crude carriers that saw an overwhelming increase in scrapping activity. Now the latest milestone is 2020 for the product segment and early 2019 for crude tankers.
The product market milestone has a lot to do with the low sulfur regulations and an anticipated need for low sulfur fuel that will render product carriers from - MRs to LR2 (LR3 are also being mentioned a lot also) - the vessels of choice. On the crude side, things are already looking better every day for the past couple of weeks. Sentiment is positive and ships for sale are scarce, while depending on the resilience of the rates we might actually see a rise on values sooner rather than later.
On the other hand there is an abundance of MR candidates of 9 up to 14 years old, Japanese owned and built. Interesting enough we don’t see a lot of Korean built MRs for sale, but that has to do mostly with the profile of owners. Japanese owned ships are usually placed in the market just before their employment expires and with the frequency we see new ships being circulated we can assume that charterers are not very keen to extend employment. A plethora of ships usually leads to lower prices as buyers have the tendency to either wait or offer less than the last done reported deal when supply is ample. Either way the product segment is trailing its crude counterpart, at least for now when it comes to sentiment.
It seems that the market is bottoming out and depending on the respective strategy of each owner there is a variety of opportunities to invest. As it is always the case when a sector has suffered bad earnings for a prolonged period of time, resulting in diminishing asset prices, buyers can assess easier the market as when to invest, and now more than ever it is a buyers market.
By Timos Papadimitriou
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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, 04 January 19
FOCUS IS ON BOOSTING COAL PRODUCTION: INDIAN COAL MINISTER
The current focus of the government is on boosting production from operational coal mines, according to Minister for Coal, Piyush Goyal.
...
Thursday, 03 January 19
CAPESIZE: A MORE POSITIVE START OF THE NEW YEAR THAN EXPECTED FOR THE BIG SHIPS - FEARNLEYS
Capesize
A more positive start of the new year than expected for the big ships, with average gains of US$ 500/day posted on the first tra ...
Tuesday, 01 January 19
INDONESIA: COAL PRODUCTION EXPECTED TO EXCEED THIS YEAR'S TARGET - JP
Indonesian coal production reached 456 million tons up to Thursday or 94.02 percent of this year’s total target of 485 million tons, accordin ...
Monday, 31 December 18
THE INDONESIAN COAL MARKET Q1 '19 FORECAST: LOOKS DIRECTIONLESS - TRADER
The Indonesian coal market looks directionless, an International coal trader said when we asked him to give his forecast for 1Q' 2019.
...
Monday, 31 December 18
GLOBAL COAL DEMAND GREW BY 1% IN 2017; GLOBAL COAL POWER GENERATION INCREASED BY OVER 250 TWH - IEA
After two years of decline, global coal demand grew by 1% in 2017 to 7585 Mt as stronger global economic growth increased both industrial output an ...
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- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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