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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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Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
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- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Planning Commission, India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
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