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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, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
Wednesday, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
Wednesday, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
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- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
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