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Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
 It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Covid-19 shockwaves of declining demand for a number of commodities and the subsequent pressure on freight rates. Preliminary data reveals a 56% drop in the number of dry bulk second hand sales year to date, while we expect this trend to continue in the short term as the vast majority of Buyers remains reluctant to proceed decisively and invest in available candidates. The fact that the gap between their price ideas and those of the respective Sellers remains wide, together with the growing uncertainty surrounding the prospects of the sector, have pushed more investors to the sidelines at least for the time being.
In total contrast with what’s been happening on the dry bulk side, activity in tanker sector remains robust, with Buyers competing intensely to secure vessels with prompt delivery in order to take advantage of the improved freight market. As a result, asset prices have been moving up quickly across the different sizes and respective age groups.
The M/T Olympic Leader (309kdwt blt ’05, S. Korea) is reported sold for USD 39.2m to Greek buyers c/o Altomare, while the price includes a BWTS on order. This is the second VLCC this Buyer has been linked to, following the purchase of M/T TI Hellas (319kdwt blt ’05, S. Korea) a couple of weeks ago. In any case, the price of M/T Olympic Leader shows a further increase in values after the recent sale of M/ T Takasaki (300kdwt blt ’05, Japan) at USD 37.8m.
Following last week’s Aframax sale of M/T Pallas Orust (114kdwt blt ’04, S. Korea), which was bought by Indonesians at USD 14m, the Greek controlled LR2s M/T Makronissos (106kdwt blt ’02, S. Korea) and M/T Agathonissos (106kdwt blt ’02, S. Korea) are now reported sold at region USD 13m each, which is in line with the market.
In the MR segment, Monaco based buyers c/o Transocean are being linked to the acquisition of M/T Glenda Meredith (46kdwt blt ’10, S. Korea) at a rumoured price of USD 19m basis BWTS fitted. It is interesting to note that this is the first reported sale of a deepwell pump MR2 of this vintage since mid-January.
Going forward, uncertainty reigns over both the dry bulk and tanker second-hand markets for different reasons. On one hand, dry bulk asset values still fail to reflect the returns in the freight market, rendering an alignment of Buyers’ and Sellers’ ideas challenging and further impeding SnP activity as a result. On the tanker side, the fact that freight rates have been moving down quickly in the past days could substantially impact the appetite of Buyers given that it was the lucrative returns that enticed them in the first place to go after prompt delivery candidates that would allow them to enjoy a quick and substantial return on their investment.
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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
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Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
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Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
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