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Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
 With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over at the tanker side and for a good reason. Things have been mostly quiet for the last seven months with the exception of short periods of increased activity during the summer months.
The tanker market has evolved into a market that requires fast reflexes. Cycles are becoming shorter, usually lasting 16 to 18 months, thus creating a sense of uncertainty as far as when to off load a respective asset or invest in tonnage.
Taking into consideration that tankers assets are depreciated differently compared to bulkers and how oil majors can influence trends as far as buying, selling and contracting tonnage, it is very common to witness price irregularities on the transactions within the same time period.
Electric cars, MGO regulations, developing economies, clean and renewable energy policies and last but not least the “Paris climate Accord”, all play a part on the everlasting and ongoing discussion of what the influence on tanker demand and supply will be. If you add to the mix the BWTS regulations that will eventually start being implemented even after the latest extension, then making an educated guesstimate on how to position one’s self as an investor, demands nerves of steel and a strong stomach.
Despite all of the above there has been some appetite for tonnage. Buyers do emerge from time to time looking for tonnage built anytime; from late ‘90s crude units up to 4-3 year old MRs and LRs. Of course the demand for tankers is not anywhere close to that for dry bulk tonnage, but there is no shortage of investors willing to buy especially on the product side.
The MR segment was rendered doomed a few years ago due to a rather large order book, but overall the segment has demonstrated impressive resilience despite the current dip on hire rates. Now the same concern is raised for crude ships and for the same reason. Again time will tell.
Regulations will have an effect on older tonnage where the cost of retrofitting the required equipment could defeat the purpose, eventually leading to the removal of ships from the water. Now considering that ordering has been in check for the last 2 years, the prospects of the next 2-4 years don’t look so bad especially for the younger tonnage.
As far as the near future is concerned and as it has been more than a few months that the market has remained under pressure, the expectation that better days will soon come doesn’t appear very unrealistic. In fact the majority of market participants have been widely adopting the idea that signs of recovery will start being visible sooner rather than later.
This provides sellers the appropriate confidence to resist lowering their ideas. Buyers on the other hand don’t feel that prices need to be a lot lower than where they are now. Overall at this stage buying tonnage does not seem as a bad move. After all investing in a slow market is never considered to be a hasty move.
By Timos Ppadimitriou
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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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Wednesday, 23 August 17
THE STRONG IRON ORE TRADE ROUTES SUPPORT CAPESIZE SEGMENT - INTERMODAL
The upward trend in the Capesize segment is definitely being supported by the strong momentum in the key iron ore trade routes. The price of high-q ...
Tuesday, 22 August 17
WHAT IS A RELEASE CALL?
KNOWLEDGE TO ELEVATE
Joining a mutual P&I Club means each Member shares in the fortunes of that Club and its membership. The continuity of ...
Tuesday, 22 August 17
THOSE DOG DAYS OF SUMMER STEEL PRODUCTION IN CHINA - COMMODORE
COALspot.com: One popular but inaccurate narrative that makes the rounds every June and July (and occurred again this year) is that China’s s ...
Monday, 21 August 17
BANPU REVEALS FIRST HALF 2017 WITH STRONG RESULTS; SUPPORTED BY HIGHER COAL PRICES
Banpu Reveals First Half 2017 with Strong Results from Higher Coal Prices Gearing Up to the Era of New Energy with Banpu Greener & Smarter Stra ...
Monday, 21 August 17
INDIA'S COAL IMPORTS DECLINE TO 192 MT IN FY17 - PTI
Import of coal saw a decline of 6.37 per cent to 191.95 million tonnes (MT) in 2016-17 on higher production by CIL that saw the country move to a r ...
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Showing 1961 to 1965 news of total 6871 |
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- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- The University of Queensland
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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