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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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Thursday, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
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- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- White Energy Company Limited
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- ASAPP Information Group - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
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