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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
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