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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
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