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