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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, 30 June 22
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Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
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- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
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