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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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Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- White Energy Company Limited
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
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