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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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Tuesday, 29 November 22
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- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- PTC India Limited - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
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