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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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Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
Friday, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- White Energy Company Limited
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Australian Coal Association
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- The University of Queensland
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