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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, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- The University of Queensland
- Edison Trading Spa - Italy
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
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