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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, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
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- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
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