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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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Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
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Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
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