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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
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- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Economic Council, Georgia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
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