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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, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
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- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
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- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
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- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
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- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Australian Coal Association
- Ministry of Transport, Egypt
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
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