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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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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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- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
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