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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, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
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