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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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Wednesday, 10 February 21
MARKET INSIGHT - INTERMODAL
We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of ...
Tuesday, 09 February 21
SWITCHING COAL PLANTS TO PLN'S BIOMASS COFIRING PLAN IS NO MAGIC BULLET - IEEFA
Implementation risks for Indonesia PLN's switch from coal to biomass cofiring
PLN’s biomass cofiring plan will require not ...
Friday, 05 February 21
THE INDONESIA COAL PRICE REFERENCE FOR FEBRUARY 2021 SETTLES AT US$ 87.79 PER TON FOB VESSEL
COALspot.com: The Indonesia coal price reference for February 2021 settles at US$ 87.79 per ton FOB vessel. The February reference price is the hig ...
Thursday, 04 February 21
WHY BANGLADESH SHOULDN’T COUNT ON A FOSSIL FUEL FUTURE - IEEFA
Around US$50 billion of LNG projects in Asia at risk of cancellation
Two astonishing figures have circulated in the Asian energy sector in the ...
Wednesday, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
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- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- The University of Queensland
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
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