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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, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Australian Coal Association
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Planning Commission, India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
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