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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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Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
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- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- The University of Queensland
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- PTC India Limited - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Deloitte Consulting - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
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