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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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Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 16 May 19
SUPRAMAX: INDO/CHINA COAL RV TRADING AROUND US$ 9,000 BSS S.CHINA DELIVERY - FEARNLEYS
Capesize
This volatile segment is trying to find a clear direction from the present US$ 12,000/day earnings for standard units says Fearnleys W ...
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- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
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