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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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Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- The University of Queensland
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
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