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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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Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
Monday, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
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- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
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