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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Planning Commission, India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
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