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Wednesday, 10 February 21
MARKET INSIGHT - INTERMODAL
 We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of. The increased buying interest was evident somehow during September to November of 2020 but that was not a surprise, as it is somehow a seasonal trend for the dry SnP market to be active during q4 of every calendar year. What we have not seen for a long time (maybe since December 2013) was non-stop activity during December and January.
And this is the interesting part now. Over the past 11 years, BDI during every January recorded losses to December of the previous year. On average over the above period, BDI has dropped by -26.0% during January, with Capesize leading the declines. This January was different, with BDI exhibiting a counter-seasonal increase to December (+33.3% m-o-m) for the first time since January 2009, when the index had increased by +21.7% m-o-m. This shift in seasonal dynamics was largely Capesize driven both in 2009 and now, with Cape 5TC in Jan 2021 reaching an all-time high for January and a 7 year high for any Q1 so far.
Since the last week of January, BCI has been on a downward trend, with the Cape 5TC recently correcting below Panamax and Supramax, but still at relatively high levels for this time of year. With the BPI and BSI at multi-year high for this time of year at 1689 and 1149 points respectively (as of 8/feb) buyers appetite seems non-stop. Apart from Handysizes 28k to 32k dwt for which asset values increases are relatively lower, all the other sizes are getting significantly higher numbers.
The Pana/Kamsarmax SnP market particularly has been very firm. In Sep 2020, Panamax MV ELENA II 06’blt with survey due in Q1,2021 concluded at low $8s million; in November, same age MV APOLO sold for low $9s mil basis survey due 01/2021 and just now the 06’ blt MV AJAX got low $10s mil again with surveys due promptly. We saw similar increases also in 12’ blt units with MV CORAL AMBER 78k dwt BWTS fitted getting mid-high $14s in December and sister ship CORAL AMETHYST without BWTS getting $16/low 16s mil by the end of January. For younger tonnage with electronic engines Japanese built we have not seen much activity, with the last being the sale of the MV SAKIZAYA NOBLE blt 17’ at $25.5m with balance of TC attached but clearly a potential buyer cannot repeat a deal at the same levels. Generally, the supply of such modern ships in the market has been limited for some time amid sellers holding back for much better numbers.
Moving on Capes, one notable sale is the MV Ocean Compass (180k/06’blt Japan), which sold in January 2021 at low 17s million, whereas in September the MV Lowlands Erica (176k/07’blt Japan) was sold for about $15m. As it is today, with the lack of many candidates openly in the market for sale and considering all the buying enquiries coupled with many unsolicited indications in attempt to develop private off-market candidates, we would not rule out further increase on prices if the earnings are maintained at the levels we see today. However, considering that the BCI is trading at $12,000/day currently and Panamax Tess 82 index is trading at $15,000/day, we believe that this can’t be maintained for too long and we hope that the CPI will rise and the long anticipated good market will become reality.
By Costas Hardalis,
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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Minerals Council of Australia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
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