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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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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
Friday, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
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- The University of Queensland
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Planning Commission, India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
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