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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, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Planning Commission, India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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