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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Planning Commission, India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- The University of Queensland
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
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