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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
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