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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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Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
Saturday, 01 August 20
ASIA HOPE FOR LONG-TERM OIL DEMAND - BALTIC BRIEFING
Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
...
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- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
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