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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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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- White Energy Company Limited
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
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