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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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Monday, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- The University of Queensland
- Parry Sugars Refinery, India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
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