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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, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
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- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
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