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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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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
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