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