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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
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Australian Coal Association
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- PTC India Limited - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
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