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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- The University of Queensland
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Planning Commission, India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- GMR Energy Limited - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
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