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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, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- White Energy Company Limited
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
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