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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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Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
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- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Mjunction Services Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
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