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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, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
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- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Parliament of New Zealand
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Central Java Power - Indonesia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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