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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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Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
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- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- The University of Queensland
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
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