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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, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
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- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Planning Commission, India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
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