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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, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
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- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- PTC India Limited - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- The University of Queensland
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
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