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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, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
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- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- The University of Queensland
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