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