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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, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
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- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Australian Coal Association
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
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