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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Deloitte Consulting - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Planning Commission, India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- PTC India Limited - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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