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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
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Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Planning Commission, India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
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