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