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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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Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
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