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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, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- MS Steel International - UAE
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
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