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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, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
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- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
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