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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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Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- MS Steel International - UAE
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- The University of Queensland
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
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