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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Petron Corporation, Philippines
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
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