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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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Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- PTC India Limited - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- MS Steel International - UAE
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- The University of Queensland
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- ASAPP Information Group - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
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