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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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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- VISA Power Limited - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
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