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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, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
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- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- The University of Queensland
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Planning Commission, India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
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