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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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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
Friday, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
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- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- PTC India Limited - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
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