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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, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
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- Parry Sugars Refinery, India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
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