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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, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Baramulti Group, Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
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