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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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Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
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- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Australian Coal Association
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
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