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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, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
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- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Planning Commission, India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- The University of Queensland
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
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