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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, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
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Friday, 06 March 20
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Thursday, 05 March 20
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Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Goldman Sachs - Singapore
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Edison Trading Spa - Italy
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