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