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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
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