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Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
 It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Covid-19 shockwaves of declining demand for a number of commodities and the subsequent pressure on freight rates. Preliminary data reveals a 56% drop in the number of dry bulk second hand sales year to date, while we expect this trend to continue in the short term as the vast majority of Buyers remains reluctant to proceed decisively and invest in available candidates. The fact that the gap between their price ideas and those of the respective Sellers remains wide, together with the growing uncertainty surrounding the prospects of the sector, have pushed more investors to the sidelines at least for the time being.
In total contrast with what’s been happening on the dry bulk side, activity in tanker sector remains robust, with Buyers competing intensely to secure vessels with prompt delivery in order to take advantage of the improved freight market. As a result, asset prices have been moving up quickly across the different sizes and respective age groups.
The M/T Olympic Leader (309kdwt blt ’05, S. Korea) is reported sold for USD 39.2m to Greek buyers c/o Altomare, while the price includes a BWTS on order. This is the second VLCC this Buyer has been linked to, following the purchase of M/T TI Hellas (319kdwt blt ’05, S. Korea) a couple of weeks ago. In any case, the price of M/T Olympic Leader shows a further increase in values after the recent sale of M/ T Takasaki (300kdwt blt ’05, Japan) at USD 37.8m.
Following last week’s Aframax sale of M/T Pallas Orust (114kdwt blt ’04, S. Korea), which was bought by Indonesians at USD 14m, the Greek controlled LR2s M/T Makronissos (106kdwt blt ’02, S. Korea) and M/T Agathonissos (106kdwt blt ’02, S. Korea) are now reported sold at region USD 13m each, which is in line with the market.
In the MR segment, Monaco based buyers c/o Transocean are being linked to the acquisition of M/T Glenda Meredith (46kdwt blt ’10, S. Korea) at a rumoured price of USD 19m basis BWTS fitted. It is interesting to note that this is the first reported sale of a deepwell pump MR2 of this vintage since mid-January.
Going forward, uncertainty reigns over both the dry bulk and tanker second-hand markets for different reasons. On one hand, dry bulk asset values still fail to reflect the returns in the freight market, rendering an alignment of Buyers’ and Sellers’ ideas challenging and further impeding SnP activity as a result. On the tanker side, the fact that freight rates have been moving down quickly in the past days could substantially impact the appetite of Buyers given that it was the lucrative returns that enticed them in the first place to go after prompt delivery candidates that would allow them to enjoy a quick and substantial return on their investment.
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, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
Wednesday, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
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- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
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