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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Minerals Council of Australia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
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