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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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Tuesday, 15 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 Co ...
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WINTER OIL MARKET OUTLOOK - OPEC
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Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
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The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
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