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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, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
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