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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Minerals Council of Australia
- Planning Commission, India
- Renaissance Capital - South Africa
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