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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, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Posco Energy - South Korea
- Planning Commission, India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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