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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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Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
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- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
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