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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, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
Thursday, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
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- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- The University of Queensland
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
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