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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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Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
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- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Ministry of Mines - Canada
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Economic Council, Georgia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
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