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Wednesday, 07 April 21
MARKET INSIGHT - INTERMODAL
 Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a few things about the SnP market behavior.
Interestingly, the dry secondhand market remained hot amid the holidays, with Handysize and Supramax sectors attracting the majority of buyers’ interest. Handysize in particular, have rebounded strongly both interest wise and asset value wise compared to past two years. In more than few cases, we have seen owners traditionally active in other asset classes turning their interest towards Handysize purchases.
Another sign of the shift in market dynamics is that we have been hearing more often about off market deals at firm levels; some buyers prefer to pay a premium either in order to avoid competition or because they believe that this premium will turn out to be the immediate asset value upside on the next day.
What is also impressive is that asset values of older vessels have increased at a faster pace and the differential to scrap value has widened since the beginning of the year. At the end of 2020, 20 year old vessels of any size were getting offers from buyers on a scrap value basis plus a small premium. For comparison, three months later we are seeing Panamax unit built in 2001 with SS / DD surveys passed and BWTS installed to fetch above USD 9.0 million - levels last seen for 20 year old Panamax units back in 2011 - surpassing the 2017/2018 momentum, when the market was on an upward trend and China had raised the floor with the CCS approval requirements. Naturally, asset values for older vessels have been further supported by the increase in scrap prices at multi year highs above $480/ldt over the past two weeks, after briefly retreating at $420/ldt earlier in February.
Looking into the tanker sector, we could say that secondhand interest has also started to increase over the past couple of weeks across all sizes. Of note is that a 10Y old LR2 attracted interest by 15 buyers inspecting it, with the majority being Greeks. We also saw increased buying interest on very modern MRs and 2 resale MRs built in China, being bought by European owners at 31.5 million. Could this be a precursor that the market has found its bottom and expectations start to turn positive? While the Suez Canal blockage certainly aided in lifting sentiment by providing a short freight boost to certain tanker segments, the outlook is expected to start improving fundamentally later in 2021, when refineries are expected to ramp up processing rates, following the destocking of oil products over the past several months.
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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Wood Mackenzie - Singapore
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
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