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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, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Planning Commission, India
- The University of Queensland
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
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