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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- White Energy Company Limited
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Planning Commission, India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
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