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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, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
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 ...
Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
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- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- The University of Queensland
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
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