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