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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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Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
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