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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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Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- The University of Queensland
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
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