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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, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
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- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- White Energy Company Limited
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- PTC India Limited - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
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