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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, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
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- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- PTC India Limited - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
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