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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, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
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