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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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Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
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- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
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