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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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Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- PTC India Limited - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Economic Council, Georgia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
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