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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Deloitte Consulting - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
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