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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, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- The University of Queensland
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
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