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