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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, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
Tuesday, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
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- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- The University of Queensland
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
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