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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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