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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, 11 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
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- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
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