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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, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
Wednesday, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
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- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Planning Commission, India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Economic Council, Georgia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
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