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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, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
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- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
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