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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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Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
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- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- White Energy Company Limited
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
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