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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Medco Energi Mining Internasional
- White Energy Company Limited
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
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