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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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