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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, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- PTC India Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
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