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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.
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Monday, 02 December 19
GREENER LNG IS VITAL TO ASIA'S SUSTAINABLE DEVELOPMENT - WOOD MACKENZIE
Asia struggles with the world’s worst air pollution. Delhi hit the headlines in November 2019 as levels spiked to such hazardous levels that ...
Monday, 02 December 19
5TH EAST & SOUTHERN AFRICA GAS & LNG CONFERENCE 2020
5th East & Southern Africa Gas & LNG Conference 2020
April 2-3
Maputo, Mozambique
5th East & Southern Afri ...
Monday, 02 December 19
5TH DEEPWATER EAST & SOUTHERN AFRICA CONGRESS 2020
5th Deepwater East & Southern Africa Congress 2020
April 2-3
Maputo, Mozambique
5th Deepwater East & Southern ...
Sunday, 01 December 19
6TH CENTRAL & EASTERN EUROPE NUCLEAR INDUSTRY CONGRESS 2020
6th Central & Eastern Europe Nuclear Industry Congress 2020
January 20-21 | Prague, Czech Republic
Overview
6th ...
Saturday, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
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- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
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