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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, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
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- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Parliament of New Zealand
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
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