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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, 02 December 19
GREENER LNG IS VITAL TO ASIA'S SUSTAINABLE DEVELOPMENT - WOOD MACKENZIE
Asia struggles with the world’s worst air pollution. Delhi hit the headlines in November 2019 as levels spiked to such hazardous levels that ...
Monday, 02 December 19
5TH EAST & SOUTHERN AFRICA GAS & LNG CONFERENCE 2020
5th East & Southern Africa Gas & LNG Conference 2020
April 2-3
Maputo, Mozambique
5th East & Southern Afri ...
Monday, 02 December 19
5TH DEEPWATER EAST & SOUTHERN AFRICA CONGRESS 2020
5th Deepwater East & Southern Africa Congress 2020
April 2-3
Maputo, Mozambique
5th Deepwater East & Southern ...
Sunday, 01 December 19
6TH CENTRAL & EASTERN EUROPE NUCLEAR INDUSTRY CONGRESS 2020
6th Central & Eastern Europe Nuclear Industry Congress 2020
January 20-21 | Prague, Czech Republic
Overview
6th ...
Saturday, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
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- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
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