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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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Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
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- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
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