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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, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
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- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
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