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Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
 Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the market for over a month. Despite this, sales activity remains limited as we are approaching the end of the year and as new regulations are about to come into effect in about a month’s time, with owners being in a wait and see mode until there is less ambiguity in the market.
The ratio of asset prices over earnings is still fairly attractive relative to previous years, creating a potentially interesting environment for investments. At the same time and despite the recent back and forth, it seems that the long awaited agreement between USA-China that will end the trade war between the two countries and will enhance support to the sector is finally approaching.
Orderbooks across the dry bulk sector are also at low levels. Market volatility throughout the year and uncertainty over the effect of the new regulations hampered ordering activity throughout the year so far, while we have also witnessed increased scrapping compared to 2018.
As far as recent sales activity in the Capesize sector is concerned, we are hearing that the larger Azul Fortuna (203kdwt, blt’05 Universal) has been committed at USD 15,8mill, which is a softer price compared to the one year older Azul Integrity that was sold for the same price about a month ago. After her previous sale did not materialize and following a second round of inspections, the Panamax Coral Emerald (76kdwt, blt’07 Sanoyas) is reported sold for USD 11mill. This also a softer price of about USD650k compared to the last done, which also comes as a result of the recent drop in freight rates.
While the market outlook in tankers is brighter with rates being at healthy levels for some time now, the number of sales is limited in view of lack of available tonnage for sale and the increase in asset values. Nevertheless, there is still firm interest for middle aged crude tankers, while a number of buyers are currently active in the product sector. After the last month’s spike in values we see that prices have flattened, while freight rates remain robust amid the winter season and on-going sanctions that have affected supply in the last couple of months. Greek buyers c/o Monte Nero Maritime are reported to have bought the Aframax Seaways Fran (112kdwt, blt’01 Hyundai) at USD 13.6mill, a price which falls in line with recent activity in the sector.
Overall, we expect December to be quiet in terms of activity in both sectors, with Buyers taking a step back and re-evaluating their strategy following this admittedly interesting year in terms of SnP trends.
By Vasilis Moiris
SnP Broker
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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
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