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Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
 During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear impact on the SnP market. The period in which Covid-19 prevailed in both Asia and Europe has brought many changes and created great insecurity to shipowners, a feeling that has not totally disappeared as there is always the fear of a new potential lockdown. However, market dynamics during the last month attracted the interest of many investors, an interest that had moved to the side-lines for many months amidst the low freight rates and the technical issues in inspecting and delivering vessels.
As a result, secondhand sales in the last month increased greatly, compared to the March-April period while the Dry bulk candidates draw most of buyer’s attention. Consequently, this had an upward impact on asset values and mainly on bigger sizes such as Panamax and Capesize vessels, a consequence not limited to the higher freight rates but also due to the fact that many buyers rushed to buy secondhand ships. In contrast to the rest of the sizes, the Handysize secondhand activity did not support such a rise on vessel values despite the fact that many sales took place.
An interesting fact regarding the SnP market is that during this crisis, the most affected prices were those of Handsizes. We have witnessed 10 years old ships more than 30k dwt being sold for approximately 5.5 million and similar Japanese ships with both SS and DD passed being sold for about USD 7 million. Also impressive was the deal in the Handysize sector, which happened recently, where Nisshin Shipping sold two Japanese 38k dwt vessels built in 2014 for USD 12.5 million; evidence that the Handysize prices didn't follow the same trend of the other sizes.
On the other hand, In the Supramax sector, owner of a Japanese 15 years old vessel in early-mid June was aiming at low USD 6 million while the same vessel today, is trading at low USD 7 million, an increase of 15-20% on its asset value.
It is worth mentioning that although we saw vessels staying spot or even mooring for days during the first quarter of 2020, almost a similar situation to 2016, prices did not retreat at the same levels. This indicates that the shipowners did not follow the similar trends as of during 2016, where Japanese 15-years old Supramaxes and 10 years old Panamaxes have been sold at 3-3.5 million and 6 million respectively.
Let us hope that the sentiment will maintain its upward momentum and we will finally see a better market ahead.
By George Iliopoulos
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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- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- VISA Power Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Parliament of New Zealand
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
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