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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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Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
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- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
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