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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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Tuesday, 17 December 19
BACK TO FUTURE FOR BUSH AS AUSTRALIA CONSIDERS MOVING AWAY FROM COAL NEWCASTLE - HERALD
Looking backwards could show the way forward for regional communities planning for a future beyond mining.
One of Australia’s ...
Tuesday, 17 December 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.01 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points, down 0.01 percent week on week.
The index, released by China Taiy ...
Tuesday, 17 December 19
YEAR 2019: IT IS LOOKING SET THAT THIS YEAR WILL BE ONE OF THE SLOWEST IN TERMS OF DRY BULK NEWBUILDING ACTIVITY - ALLIED
With just two weeks remaining before 2019 comes to an end, it is now looking set that this year will be one of the slowest in terms of dry bulk new ...
Monday, 16 December 19
ULTRAMAX: A 63,000DWT SHIP FIXING DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, FOR RE-DELIVERY TO CHINA AT $11,000 - BALTIC BRIEFING
Capesize
It was one-way traffic for the Capesize market this past week, with all routes giving up value. While downward momentum may have slowe ...
Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
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- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- White Energy Company Limited
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
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