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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, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
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