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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, 25 March 20
MARKET INSIGHT - INTERMODAL
There is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing chal ...
Wednesday, 25 March 20
INDONESIA TO CANCEL RULES REQUIRING DOMESTIC SHIPS FOR COAL, PALM EXPORTS : REFINITIV
Indonesia's government will revoke rules requiring exporters of coal and palm oil to use domestic shipping companies for shipments, Coordinatin ...
Wednesday, 25 March 20
JAN-FEB 2020, INDONESIA SHIPPED 64.5 MLN TONNES OF COAL, UP +3.4% YOY - BANCHERO COSTA
In the 12 months of calendar 2019, Indonesia exported 386.4 mln tonnes of coal, according to vessel tracking data from Refinitiv. This represents a ...
Tuesday, 24 March 20
MARKET ANALYSIS - ALLIED
As countries around the world struggle to take back control of the ongoing COVID-19 pandemic the global economy shuts down bit by bit, leaving only ...
Tuesday, 24 March 20
THE TRIPLE SHOCK OF CORONAVIRUS IN SHIPPING: WILL IT LAST? - DREWRY
Transport capacity shortages, disruptions to supply chains and inability to plan since late January have been a dangerous combination. But will all ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
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