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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Australian Coal Association
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
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