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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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Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
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- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
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