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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
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