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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, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- PTC India Limited - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
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