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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
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- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- White Energy Company Limited
- VISA Power Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
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