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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, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
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- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
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