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