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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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Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
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