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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, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
Wednesday, 01 July 20
MARKET INSIGHT - INTERMODAL
It was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repa ...
Monday, 29 June 20
INDONESIAN COAL AT THE MERCY OF THE DRAGON AND TIGER - GHEE PEH | IEEFA
Coal sector analysts have been busy in recent months mapping the negative impact of low coal prices from the COVID-19 pandemic on Indonesian coal c ...
Monday, 29 June 20
FALLING DEMAND IN CHINA AND INDIA SIGNAL TOUGH TIMES AHEAD FOR INDONESIAN EXPORTS - GHEE PEH | EEFA
Assessing the Impact on Indonesian Coal Companies
The bad news for Indonesia’s coal companies is that they are likely to have ...
Monday, 29 June 20
INDIA COAL IMPORT OUTLOOK: WEAK DEMAND, IMPORT SUBSTITUTION, EXPECT 20% YOY DECLINE - GHEE PEH | IEEFA
For India, the coal demand indicators have clearly turned negative.
According to Argus Media, since the government declared a ...
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- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- London Commodity Brokers - England
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Romanian Commodities Exchange
- Planning Commission, India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
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