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