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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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Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
Monday, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
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- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
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