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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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- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- The University of Queensland
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- White Energy Company Limited
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Australian Coal Association
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
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