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