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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, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
Thursday, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
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- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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