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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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Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
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- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- PTC India Limited - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Australian Coal Association
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
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