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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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Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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Showing 1606 to 1610 news of total 6871 |
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- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
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