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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, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
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- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
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