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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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Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
Wednesday, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
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- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Thai Mozambique Logistica
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
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