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