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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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Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
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- ASAPP Information Group - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Planning Commission, India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
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