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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, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Planning Commission, India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
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