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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Planning Commission, India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Australian Coal Association
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
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