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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, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
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- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- CNBM International Corporation - China
- ASAPP Information Group - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
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