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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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Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
Thursday, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
Monday, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
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- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
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