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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, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
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