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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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Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
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- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- White Energy Company Limited
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
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