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