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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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- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
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