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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, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Planning Commission, India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
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