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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- PTC India Limited - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Mjunction Services Limited - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
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