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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, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- The University of Queensland
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
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- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
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