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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, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
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- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
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