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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, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
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- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
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