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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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- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Australian Coal Association
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- The University of Queensland
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
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