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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
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- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Planning Commission, India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- PTC India Limited - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
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