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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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Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
Friday, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
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- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
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