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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
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