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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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Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
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- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Planning Commission, India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- The University of Queensland
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
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