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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Australian Coal Association
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Parliament of New Zealand
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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