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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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Friday, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
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