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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
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