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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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Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
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