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Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
 Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the market for over a month. Despite this, sales activity remains limited as we are approaching the end of the year and as new regulations are about to come into effect in about a month’s time, with owners being in a wait and see mode until there is less ambiguity in the market.
The ratio of asset prices over earnings is still fairly attractive relative to previous years, creating a potentially interesting environment for investments. At the same time and despite the recent back and forth, it seems that the long awaited agreement between USA-China that will end the trade war between the two countries and will enhance support to the sector is finally approaching.
Orderbooks across the dry bulk sector are also at low levels. Market volatility throughout the year and uncertainty over the effect of the new regulations hampered ordering activity throughout the year so far, while we have also witnessed increased scrapping compared to 2018.
As far as recent sales activity in the Capesize sector is concerned, we are hearing that the larger Azul Fortuna (203kdwt, blt’05 Universal) has been committed at USD 15,8mill, which is a softer price compared to the one year older Azul Integrity that was sold for the same price about a month ago. After her previous sale did not materialize and following a second round of inspections, the Panamax Coral Emerald (76kdwt, blt’07 Sanoyas) is reported sold for USD 11mill. This also a softer price of about USD650k compared to the last done, which also comes as a result of the recent drop in freight rates.
While the market outlook in tankers is brighter with rates being at healthy levels for some time now, the number of sales is limited in view of lack of available tonnage for sale and the increase in asset values. Nevertheless, there is still firm interest for middle aged crude tankers, while a number of buyers are currently active in the product sector. After the last month’s spike in values we see that prices have flattened, while freight rates remain robust amid the winter season and on-going sanctions that have affected supply in the last couple of months. Greek buyers c/o Monte Nero Maritime are reported to have bought the Aframax Seaways Fran (112kdwt, blt’01 Hyundai) at USD 13.6mill, a price which falls in line with recent activity in the sector.
Overall, we expect December to be quiet in terms of activity in both sectors, with Buyers taking a step back and re-evaluating their strategy following this admittedly interesting year in terms of SnP trends.
By Vasilis Moiris
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, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
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- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
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- GN Power Mariveles Coal Plant, Philippines
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- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
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- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
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- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
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- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
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- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Indian Oil Corporation Limited
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- Tamil Nadu electricity Board
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- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
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- Minerals Council of Australia
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- IEA Clean Coal Centre - UK
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