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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Australian Coal Association
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
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