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