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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- The University of Queensland
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
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