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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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Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
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- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Marubeni Corporation - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
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