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