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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
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