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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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Monday, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Bhatia International Limited - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
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