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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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Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
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- Star Paper Mills Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
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