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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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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
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