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Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms of sentiment. The so called work horse of the segment, the Panamax that has been very sought after for a short period, is now slowly losing popularity to the increasingly attractive Supramax. Values have risen and dropped in the blink of an eye along with the number of actual buyers.
On the tanker side, appetite was never subdued. From MRs up to VLCC there is an increasing number of investors that inspect, bid and buy across all segments and ages. If we focus on the most resilient type of tanker, which is the MR2 tanker, we can see that with the exception of June and July, monthly SnP transactions have been in the double digits during the past five months. The table below shows exact numbers. (please find attached)
In a total of 61 sales since May, 36 were S. Korean built and 18 were Japanese built. There are no surprises here. Looking at the numbers something interesting to point out is that almost half of these deals concern ships that have been built between 2008 and 2011. So this four year bracket seems to be the sweet spot as far as balancing price and longevity.
Autumn is traditionally a period where charter rates tend to increase. With 12 sales having concluded so far in September, we can see the popularity of MR2s remains at full force. Expectations about the 2020 regulations have provided enough reason for buyers to look for ships in order to take advantage of the anticipated increase of cargoes next year. It remains to be seen if this bet will be won. Having said that, the reality is the resilience of MRs has been remarkable. There were times that many thought that the handy MR tankers will be the way forward or the LR2s. So far both predictions failed to hold truth.
Going back to the sweet spot of vessels that have been built around 2008-2011, values range on average from low $16.0m for a Korean built in 2008 to low $20.0m for a Korean 2011 built. Anything even one year older sees a drop in the value of more than 10%, whereas candidates built post 2011 are asking for a significant premium above. It seems that the market has indeed created expectations for better days but both investors and banks are still not that bullish in order to bet on younger ships.
2020 is just around the corner so we won’t have to wait too long to see how things will unfold and if the 08-11 built vessels will justify their current popularity.
By Timos Papadimitriou
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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, 15 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country's Co ...
Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing ...
Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
Capesize
The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- MS Steel International - UAE
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
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