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