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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 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
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- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
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- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- The University of Queensland
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
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