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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, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
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- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
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