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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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- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Planning Commission, India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
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