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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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Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
Monday, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
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- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
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