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