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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Planning Commission, India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
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