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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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Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
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- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- PTC India Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
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