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Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, ranging from MRs to VLs, changing hands, an increase of around 21% compared to the same period last year.
After a strong start in the first quarter, the freight market went through a significant softening particularly in the case of the crude carriers while the smaller/clean sizes performed significantly better. Overall sentiment remains bullish for the rest of the year, both in terms of freights as well as asset values. On the chartering side we see owners having high ideas for long term period charters and on the S&P front we see most ships being sold at a premium over last done.
Firm interest can be observed in the MR tanker segment, with a lot of ships changing hands during the past couple of months. Recently, we had the sale of MT High Sun (Hyundai Vinashin 50k 2014) for $28.7m to Ditas from Turkey; a firm price compared to the March reported sale of the same age/quality Korean built MRs that Glencore sold to JP Morgan for $27.5m (MT Alpine Mary & Alpine Maria, SPP 50k 2014). On the 10-year old ships, after the sales of the MT Unique Explorer (Onomichi 50k 2010) that was sold to Palonji Shipping from India for $17.5m and the Japanese owned MT Fidelity II (Iwagi 47k 2011) that was sold for $18.25m to Maersk Tankers last month, we see a handful of buyers that are looking for similar units and willing to go the extra mile to put their hands on fresh tonnage.
Hence we expect the bullish buyers to remain active and asset values to move further north as a result. On the Japanese 15 year old pumproom ships with surveys due, we also had the sales of the MT High Power (Naikai 47k 2004) and the MT Uacc Strait (Shin Kurushima 46k 2004) for $8.6m and $8.75m respectively and expect to see more vessels being sold soon. Finally we note that Sinokor’s Korean deepwell ships, the MT Security and the MT Tenacity (Hyundai 47k 2004) were sold for $9.75m basis surveys passed.
Regarding Aframax and VLCCs, what depicts the bullish sentiment in today’s S&P market is the lack of 10 year old or younger quality tonnage available for sale with several buyers waiting to compete over the next candidate. We note the sale of the MT Maersk Jeddah and the MT Maersk Jamnagar (Sumitomo 105k 2011) committed at a firm price of $30.3m each, potentially to Greek buyers whose main interest is in the dry bulk shipping market. The auction of the MT Brightoil Lion (Tsuneishi 107k 2010) and the MT Brightoil Grace (Hyundai 320k 2013) that were recently under the hammer also drew a lot of attention. What is noticeable is that although auction sales usually attract interest due to the nature of the sale being distressed, several large tanker owners offered healthy prices, with the VLCC being sold for $61.5m, while 10 parties offered on the Aframax that is rumored sold at region $26m.
All in all, activity is high, sentiment remains bullish and many owners argue that the healthy SnP market we experienced in 2019 is just the beginning of the so called “IMO Story” that has started to play out and will come in full effect coming into Q4 2019.
By Ilias M. Lalaounis
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, 22 March 24
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Friday, 22 March 24
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Monday, 18 March 24
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Wednesday, 06 March 24
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- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Indian Oil Corporation Limited
- White Energy Company Limited
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
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