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