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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, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
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- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
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