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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Videocon Industries ltd - India
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