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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
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