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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, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- Price Waterhouse Coopers - Russia
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- Africa Commodities Group - South Africa
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- Gujarat Mineral Development Corp Ltd - India
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- Ministry of Mines - Canada
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- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
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- Mjunction Services Limited - India
- Interocean Group of Companies - India
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- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
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- Anglo American - United Kingdom
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- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
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- Economic Council, Georgia
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- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
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- White Energy Company Limited
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- Merrill Lynch Commodities Europe
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- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
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- Latin American Coal - Colombia
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- Petron Corporation, Philippines
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- Ministry of Transport, Egypt
- Deloitte Consulting - India
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- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
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- Larsen & Toubro Limited - India
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- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
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- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
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- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
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- Australian Coal Association
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- Commonwealth Bank - Australia
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- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
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- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
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- Antam Resourcindo - Indonesia
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- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
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- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
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