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Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
 As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed in 2019.
In the tanker sector, 2019 is undoubtedly closing positively when compared to the previous two years. VLCC time charter earnings during October reached around $100,000/day, a level that has been sustained up until today. The one-year period was even quoted at $55,000/day at one point during the last quarter, which was an impressive increase of more than 40% compared to January 2019 levels. The United States sanctions against Iran, Venezuela and eventually vessels calling these ports seemed to have supported rates as a significant amount of tonnage was blacklisted and there unable to trade as before.
Apart from the sanctions, upcoming regulations have also given support to earnings in the sector. Indeed, during the second half of the year a big part of the fleet was in drydock for scrubber retrofitting purposes decreasing the tonnage available for trading as a result. Sanctions and retrofits together with seasonality created the perfect blend for the tanker market that is enjoying very firm levels up until today.
With regards to secondhand prices and following the increase on freight rates, asset values across all sizes and ages also increased. Lastly, as far as SnP transactions are concerned, the increase in MR sales is definitely worth mentioning, with year to date figures showing a 43% increase as owners seemed to be placing more and more confidence to this size as the year progressed.
Focusing on the dry bulk industry, it was a year with many ups and downs. After a very disappointing first half we witnessed a rally on freight rates that started as soon as July kicked off, with rates especially for Capes seeming unstoppable and reaching even five-year highs in some cases. The start of September marked the pick of the BDI for the year, with notable decreases having taken place since then.
Going forward and taking into consideration the change of regulations it seems to be very difficult to foresee any market reaction until February 2020. As far as SnP prices are concerned values have been softening especially for vessels older than 10 years old, while on the newbuilding front values have also been correcting downwards given the distinct lack of interest for dry bulk orders this year.
All in all, next year is expected to be a landmark year for the industry and undoubtedly everyone involved in shipping is eager to see what happens. We wish Happy New Year to everyone.
By George Panagopoulos
Research Analyst
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, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
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- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
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