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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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Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- VISA Power Limited - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Australian Coal Association
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Mercator Lines Limited - India
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