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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 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
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- Binh Thuan Hamico - Vietnam
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- Metalloyd Limited - United Kingdom
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- Minerals Council of Australia
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- Xindia Steels Limited - India
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- Singapore Mercantile Exchange
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- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
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- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
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- Australian Coal Association
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- Latin American Coal - Colombia
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- Petron Corporation, Philippines
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- Attock Cement Pakistan Limited
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- VISA Power Limited - India
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- London Commodity Brokers - England
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- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
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- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
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- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
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- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
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- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
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- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
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- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
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- GAC Shipping (India) Pvt Ltd
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- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
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