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Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms of sentiment. The so called work horse of the segment, the Panamax that has been very sought after for a short period, is now slowly losing popularity to the increasingly attractive Supramax. Values have risen and dropped in the blink of an eye along with the number of actual buyers.
On the tanker side, appetite was never subdued. From MRs up to VLCC there is an increasing number of investors that inspect, bid and buy across all segments and ages. If we focus on the most resilient type of tanker, which is the MR2 tanker, we can see that with the exception of June and July, monthly SnP transactions have been in the double digits during the past five months. The table below shows exact numbers. (please find attached)
In a total of 61 sales since May, 36 were S. Korean built and 18 were Japanese built. There are no surprises here. Looking at the numbers something interesting to point out is that almost half of these deals concern ships that have been built between 2008 and 2011. So this four year bracket seems to be the sweet spot as far as balancing price and longevity.
Autumn is traditionally a period where charter rates tend to increase. With 12 sales having concluded so far in September, we can see the popularity of MR2s remains at full force. Expectations about the 2020 regulations have provided enough reason for buyers to look for ships in order to take advantage of the anticipated increase of cargoes next year. It remains to be seen if this bet will be won. Having said that, the reality is the resilience of MRs has been remarkable. There were times that many thought that the handy MR tankers will be the way forward or the LR2s. So far both predictions failed to hold truth.
Going back to the sweet spot of vessels that have been built around 2008-2011, values range on average from low $16.0m for a Korean built in 2008 to low $20.0m for a Korean 2011 built. Anything even one year older sees a drop in the value of more than 10%, whereas candidates built post 2011 are asking for a significant premium above. It seems that the market has indeed created expectations for better days but both investors and banks are still not that bullish in order to bet on younger ships.
2020 is just around the corner so we won’t have to wait too long to see how things will unfold and if the 08-11 built vessels will justify their current popularity.
By Timos Papadimitriou
SnP Broker
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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
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- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
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