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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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Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Australian Coal Association
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
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