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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, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
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- TeaM Sual Corporation - Philippines
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- VISA Power Limited - India
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- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
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- Economic Council, Georgia
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- Goldman Sachs - Singapore
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- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
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- Commonwealth Bank - Australia
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- New Zealand Coal & Carbon
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- Kohat Cement Company Ltd. - Pakistan
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- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
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- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
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- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
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- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
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- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Parliament of New Zealand
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- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
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