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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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Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
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- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- The University of Queensland
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Ministry of Mines - Canada
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