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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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Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- White Energy Company Limited
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