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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 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
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