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Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
 In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do with traditionally crude carriers and 29 involving ships from 33kdwt up to 78kdwt. As brokers we can say that even if there were twice as many ships available for sale there would still be buyers left hungry for tonnage. The strategy of investing in a low market seems to be in full effect now. Shipowners are willing to purchase and subsidize a tanker for a period of time until better days are on the horizon.
So, are better days upon us soon?
The same question was asked back in 2016 when the dry market was in trouble and assets were being sold for almost 40% less compared to now. Many back then thought that the market would sink even further. Instead, improving fundamentals and a consequent change of mood resulted in an asset value rally that lasted all the way until the second quarter of 2018.
As far as the tanker market is now concerned, the reality is that better days have been anticipated during the past couple of years, with different milestones set for crude and product tankers respectively. The product story, the BWMS system story and the demolition story were some of them, with the last one being tight up mostly to crude carriers that saw an overwhelming increase in scrapping activity. Now the latest milestone is 2020 for the product segment and early 2019 for crude tankers.
The product market milestone has a lot to do with the low sulfur regulations and an anticipated need for low sulfur fuel that will render product carriers from - MRs to LR2 (LR3 are also being mentioned a lot also) - the vessels of choice. On the crude side, things are already looking better every day for the past couple of weeks. Sentiment is positive and ships for sale are scarce, while depending on the resilience of the rates we might actually see a rise on values sooner rather than later.
On the other hand there is an abundance of MR candidates of 9 up to 14 years old, Japanese owned and built. Interesting enough we don’t see a lot of Korean built MRs for sale, but that has to do mostly with the profile of owners. Japanese owned ships are usually placed in the market just before their employment expires and with the frequency we see new ships being circulated we can assume that charterers are not very keen to extend employment. A plethora of ships usually leads to lower prices as buyers have the tendency to either wait or offer less than the last done reported deal when supply is ample. Either way the product segment is trailing its crude counterpart, at least for now when it comes to sentiment.
It seems that the market is bottoming out and depending on the respective strategy of each owner there is a variety of opportunities to invest. As it is always the case when a sector has suffered bad earnings for a prolonged period of time, resulting in diminishing asset prices, buyers can assess easier the market as when to invest, and now more than ever it is a buyers market.
By Timos Papadimitriou
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
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- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
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