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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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Tuesday, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- The Treasury - Australian Government
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
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