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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
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