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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, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- The University of Queensland
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Australian Coal Association
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
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