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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, 24 June 24
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- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
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