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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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Tuesday, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
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- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Economic Council, Georgia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- The University of Queensland
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
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