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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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Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- White Energy Company Limited
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- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
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- Eastern Energy - Thailand
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- Petron Corporation, Philippines
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- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
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- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
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- Larsen & Toubro Limited - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- VISA Power Limited - India
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- CNBM International Corporation - China
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
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- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Minerals Council of Australia
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