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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, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
Tuesday, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
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- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
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