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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, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
Wednesday, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
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- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
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