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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Australian Coal Association
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
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