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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
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