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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
SEEING RED? - WOOD MACKENZIE
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Thursday, 14 July 22
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CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
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- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- The University of Queensland
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
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