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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, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
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- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
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