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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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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- The University of Queensland
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
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