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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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Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
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- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
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