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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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Marubeni Corporation - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
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