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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, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
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- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- VISA Power Limited - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Australian Coal Association
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
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