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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- The University of Queensland
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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