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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- The University of Queensland
- London Commodity Brokers - England
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
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