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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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Sunday, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
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- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- White Energy Company Limited
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
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