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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, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
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- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- The University of Queensland
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
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