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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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Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Parliament of New Zealand
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
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