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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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Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
Wednesday, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
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- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
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