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