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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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Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
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