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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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Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
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- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
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