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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, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
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- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
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