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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- White Energy Company Limited
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