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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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- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
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