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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- PTC India Limited - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
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