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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- PTC India Limited - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
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