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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
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- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
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