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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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Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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