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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, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Goldman Sachs - Singapore
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
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