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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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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
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- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
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