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Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
 24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
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Cape 5TC daily average @ 51,472
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Kamsarmax 82 daily average @ 34,615
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Supramax 58 daily average @ 36,774
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Handysize 38 daily average @ 33,981
If at the beginning of the year 2021, around the period of Chinese Lunar Year, anyone would have predicted that by the middle of August during the peak of Northern Hemisphere summer, the market would have reached the above levels, everybody would laugh.
By the 4th of February 2021, the sub-Cape market had already spiked; the Panamax index was at 1,629 points and Supramax index at 1,139 points, with the first quarter of 2021 averaging well above Q42020 levels. The Capesize 5TC index averaged $17,054/day down -1.0% compared to Q42020, while the Panamax Tess 82 5TC index averaged $18,201 up +51.0% during the same period. Everyone at that time was surprised with the counter seasonal market rise driven by the smaller sizes, as well as the rise in asset values compared to September 2020 and commented that ships had gotten too expensive. Well, what can we say about the prices of today then?
In September 2020 a Panamax bc blt 2006 MV ELENA II with surveys due in q1 2021 had been concluded at low 8s. For comparison, in February MV AJAX got usd low 10s with surveys due promptly. As of the end of July, the 2007 blt MV CANEA got sold at rgn usd 17.7m.
We see similar asset value increases also in 2012 blt units with MV CORAL AMBER 78k dwt BWTS fttd getting mid-high 14s in December and sister ship CORAL AMETHYST without BWTS getting as usd 16/low 16s by the end of January. As of end of June, an exact sister ship 2013blt MV KAGARA got sold at usd 22m and a 2014blt MV ORIENT GENESIS at 23m. Today these 2 ships would expect to get more.
For younger tonnage with an electronic engine built in Japan, we have not seen much activity, last concluded sale being in May, MV IOANNA L built 2017 Tsunesishi Zhoushan at about 29m, but clearly at same levels a potential buyer cannot do repeat deal and generally the supply of such modern ships in the market has been limited for some time amid sellers holding for much better numbers and/or taking advantage of the lucrative daily earnings.
Even for the older units of about 20 years of age, owners now asking levels of about usd 12m or more for 2000/2001blt vessels. The calculations shipowners are making on such vessels is quite simple: They factor in how much the ship will earn basis today’s rates for one year i.e. about USD 7,5m then they add on top the demo value, about USD 5m. So the price comes in excess of USD12m. Similar asset value levels were observed in mid-2010, however it could also be a De Ja Vu of the year 2004, at the beginning of the previous boom, when 20 years old Panamaxes were fetching similar prices.
Let’s see how long the current boom will last. We all hope that It will last for long.
By Costas Hardalis,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
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- Latin American Coal - Colombia
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- Sojitz Corporation - Japan
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- Economic Council, Georgia
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- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
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- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
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- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- The Treasury - Australian Government
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- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Thai Mozambique Logistica
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- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Tamil Nadu electricity Board
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- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
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- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
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- Georgia Ports Authority, United States
- Eastern Coal Council - USA
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- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
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- Formosa Plastics Group - Taiwan
- The University of Queensland
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- Goldman Sachs - Singapore
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- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
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- Heidelberg Cement - Germany
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- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
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- CNBM International Corporation - China
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- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
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