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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Australian Coal Association
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- PTC India Limited - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
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