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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, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
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- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- MS Steel International - UAE
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- The University of Queensland
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
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