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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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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
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