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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- The University of Queensland
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
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