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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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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- PTC India Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
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