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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, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
Friday, 20 September 19
INDIA TO INVITE BIDS FOR COMMERCIAL COAL MINING IN DECEMBER - MINISTER FOR COAL
India aims to begin the process of holding the first round of commercial coal mining auctions December end, Minister for Coal, Mines and Parliament ...
Friday, 20 September 19
INDIA: ECONOMIC SLOWDOWN IMPACTS COAL IMPORT CARGO IN H1 FY20 - PTI
Economic slowdown has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal gro ...
Wednesday, 18 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
During the first week of September, I had the privilege of attending the Donsö Shipping Meet 2019, in Donsö, a small island of around 1,& ...
Tuesday, 17 September 19
PANAMA SHIP REGISTRY MODERNIZES SHIP REGISTRATION
The Panama Ship Registry has announced it will integrate in a single platform “Electronic Ship Registration System (ESRS)” the present ...
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- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- PTC India Limited - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- The University of Queensland
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