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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- PTC India Limited - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
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