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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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Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
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- Essar Steel Hazira Ltd - India
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- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Ministry of Mines - Canada
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- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
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- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
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- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Planning Commission, India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
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