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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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Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
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- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
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