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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
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