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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
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- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Dalmia Cement Bharat India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
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