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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
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