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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Anglo American - United Kingdom
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- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Australian Coal Association
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
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