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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, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
...
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- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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