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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, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
Wednesday, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
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- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
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