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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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Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
Wednesday, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
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- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- London Commodity Brokers - England
- Marubeni Corporation - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
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