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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 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
Wednesday, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
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- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Australian Coal Association
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
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