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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
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