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