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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.
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Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Deloitte Consulting - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- VISA Power Limited - India
- Thiess Contractors Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
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