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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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Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
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- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Star Paper Mills Limited - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Planning Commission, India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
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