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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, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Economic Council, Georgia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Planning Commission, India
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