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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, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
Wednesday, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
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- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
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