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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, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
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- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
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