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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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Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- The University of Queensland
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
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