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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- MS Steel International - UAE
- PTC India Limited - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- The Treasury - Australian Government
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
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