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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, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
Thursday, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
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- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- PTC India Limited - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
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