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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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Saturday, 20 June 20
NO ESCAPING GLOBAL TRADE SLUMP - BALTIC EXCHANGE
Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.
New data from the Unit ...
Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
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- MS Steel International - UAE
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- White Energy Company Limited
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Planning Commission, India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
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