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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- The University of Queensland
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
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