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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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Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
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- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
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