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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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Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
Wednesday, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
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- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
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