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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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- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Australian Coal Association
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Parliament of New Zealand
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