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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, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
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