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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
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