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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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Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
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- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Minerals Council of Australia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
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