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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Deloitte Consulting - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
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