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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, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
Thursday, 07 May 20
UKRAINE PRODUCES 2.5 MLN TONNES OF COAL IN APRIL - UKRINFORM
Ukraine produced 2.5 million tonnes of coal in April 2020, which is 39% less than planned, according to the Coal Miners Union of Ukraine.
...
Thursday, 07 May 20
INDIA: GOVT TO DO AWAY WITH MANDATORY WASHING OF COAL FOR THERMAL POWER UNITS - BUSINESS STANDARD
The Centre is planning to do away with the mandatory requirement of washing of coal before it is transported to thermal power stations. The Ministr ...
Thursday, 07 May 20
CIL'S SUPPLY TO POWER SECTOR FALLS IN MARCH AMID SLUMP IN COAL DEMAND - PTI
The supply of coal to the power sector by state-owned CIL registered a decline of eight per cent to 42.30 million tonne in March in the wake of slu ...
Thursday, 07 May 20
COAL PRICE REFERENCE FALL SHARPLY IN MAY 2020 DUE TO CORONAVIRUS OUTBREAK
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- London Commodity Brokers - England
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
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