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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, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
Tuesday, 07 January 20
BHP EYES INDIA FOR COAL GROWTH AS CHINA DEMAND FLATLINES - SYDNEY MORNING HERALD
Australia’s largest miner, BHP, believes the long-term trajectory of the emerging economy of India and the acceleration of its steelmaking ou ...
Sunday, 05 January 20
BUNKER QUALITY CLAIMS IN 2020 - ISSUES TO CONSIDER - CLYDE&CO
KNOWLEDGE TO ELEVATE
In recent years the shipping industry has faced a significant number of bunker quality claims, most notably ari ...
Saturday, 04 January 20
SUPRAMAX: A 53,000DWT VESSEL FIXING DELIVERY INDONESIA TRIP TO CHINA AT $4,000 AND A 58,000DWT SHIP FIXING DELIVERY EAST KALIMANTAN TRIP TO THAILAND AT $5,500 - BALTIC BRIEFING
Capesize
The New Year started with an erosion on pre-Christmas rates as the higher low sulphur fuel costs due to IMO 2020 affected levels. From ...
Thursday, 02 January 20
DMO 2020 PRICE SET FOR ELECTRICITY SECTOR - IAN WOLLFF
On the 26th December 2019, the Minister of Energy and Mineral Resources (ESDM) issued the decree No. 261.K/30.MEM/2019 about the States needs for c ...
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- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Bhatia International Limited - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- CNBM International Corporation - China
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