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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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Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
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- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
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- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
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