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