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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, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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 ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Australian Coal Association
- Indian Energy Exchange, India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- White Energy Company Limited
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Planning Commission, India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
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