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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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Tuesday, 09 June 20
BUNKER SUPPLY CONTRACTS - KEY CONSIDERATIONS FOR THE BUYER - GARD
KNOWLEDGE TO ELEVATE
Regardless of whether a buyer purchases fuel directly from physical suppliers or via brokers or traders and whether sale ...
Tuesday, 09 June 20
INDIA: COAL IMPORT DROPS BY 20% TO NEARLY 19 MILLION TONNES IN MAY, SAYS REPORT - HINDUSTAN TIMES
The country’s coal import dropped by 20 per cent to 18.93 million tonnes (MT) last month, industry data showed.
The government ...
Monday, 08 June 20
WOOD MACKENZIE: THE INDISPENSABLE OPEC+
Rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the car ...
Monday, 08 June 20
CHINA'S COAL IMPORTS FALL NEARLY 20% IN MAY EVEN AS DEMAND RISES - REUTERS
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, custo ...
Monday, 08 June 20
JUNE 2020 INDONESIAN COAL PRICE REFERENCE HIT US$ 52.98 A TON, ITS LOWEST LEVEL SINCE AT LEAST AUGUST 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Australian Coal Association
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