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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, 31 July 20
BOTSWANA PLANS MORE COAL-FIRED POWER AS AFRICAN SOLAR ACCELERATES - IEEFA
An African economic leader like Botswana should embrace solar to reduce subsidies and tariff hikes
As Sub-Saharan solar ambition has ...
Wednesday, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
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- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- The University of Queensland
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
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