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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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Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
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- Anglo American - United Kingdom
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
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