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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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Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
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- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
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