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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- The University of Queensland
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Australian Coal Association
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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