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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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Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
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- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Australian Coal Association
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
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