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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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Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
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