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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, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
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