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Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
 As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed in 2019.
In the tanker sector, 2019 is undoubtedly closing positively when compared to the previous two years. VLCC time charter earnings during October reached around $100,000/day, a level that has been sustained up until today. The one-year period was even quoted at $55,000/day at one point during the last quarter, which was an impressive increase of more than 40% compared to January 2019 levels. The United States sanctions against Iran, Venezuela and eventually vessels calling these ports seemed to have supported rates as a significant amount of tonnage was blacklisted and there unable to trade as before.
Apart from the sanctions, upcoming regulations have also given support to earnings in the sector. Indeed, during the second half of the year a big part of the fleet was in drydock for scrubber retrofitting purposes decreasing the tonnage available for trading as a result. Sanctions and retrofits together with seasonality created the perfect blend for the tanker market that is enjoying very firm levels up until today.
With regards to secondhand prices and following the increase on freight rates, asset values across all sizes and ages also increased. Lastly, as far as SnP transactions are concerned, the increase in MR sales is definitely worth mentioning, with year to date figures showing a 43% increase as owners seemed to be placing more and more confidence to this size as the year progressed.
Focusing on the dry bulk industry, it was a year with many ups and downs. After a very disappointing first half we witnessed a rally on freight rates that started as soon as July kicked off, with rates especially for Capes seeming unstoppable and reaching even five-year highs in some cases. The start of September marked the pick of the BDI for the year, with notable decreases having taken place since then.
Going forward and taking into consideration the change of regulations it seems to be very difficult to foresee any market reaction until February 2020. As far as SnP prices are concerned values have been softening especially for vessels older than 10 years old, while on the newbuilding front values have also been correcting downwards given the distinct lack of interest for dry bulk orders this year.
All in all, next year is expected to be a landmark year for the industry and undoubtedly everyone involved in shipping is eager to see what happens. We wish Happy New Year to everyone.
By George Panagopoulos
Research Analyst
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, 06 September 24
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EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
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Friday, 02 August 24
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- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Planning Commission, India
- PTC India Limited - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- The University of Queensland
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
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