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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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- Marubeni Corporation - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Australian Coal Association
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
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