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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, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
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- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
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