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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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Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
Wednesday, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
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- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- The University of Queensland
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
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