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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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- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Indika Energy - Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- The University of Queensland
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
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