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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Planning Commission, India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- The University of Queensland
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
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