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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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Wednesday, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
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- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- PTC India Limited - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
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