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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, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- VISA Power Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Australian Coal Association
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
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