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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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Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- ICICI Bank Limited - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
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