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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, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- Xindia Steels Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
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