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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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- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- PTC India Limited - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Australian Coal Association
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
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