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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, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Australian Coal Association
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Planning Commission, India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
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