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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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Wednesday, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
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- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Minerals Council of Australia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
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