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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, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
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