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