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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, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Planning Commission, India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
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