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Wednesday, 10 February 21
MARKET INSIGHT - INTERMODAL
 We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of. The increased buying interest was evident somehow during September to November of 2020 but that was not a surprise, as it is somehow a seasonal trend for the dry SnP market to be active during q4 of every calendar year. What we have not seen for a long time (maybe since December 2013) was non-stop activity during December and January.
And this is the interesting part now. Over the past 11 years, BDI during every January recorded losses to December of the previous year. On average over the above period, BDI has dropped by -26.0% during January, with Capesize leading the declines. This January was different, with BDI exhibiting a counter-seasonal increase to December (+33.3% m-o-m) for the first time since January 2009, when the index had increased by +21.7% m-o-m. This shift in seasonal dynamics was largely Capesize driven both in 2009 and now, with Cape 5TC in Jan 2021 reaching an all-time high for January and a 7 year high for any Q1 so far.
Since the last week of January, BCI has been on a downward trend, with the Cape 5TC recently correcting below Panamax and Supramax, but still at relatively high levels for this time of year. With the BPI and BSI at multi-year high for this time of year at 1689 and 1149 points respectively (as of 8/feb) buyers appetite seems non-stop. Apart from Handysizes 28k to 32k dwt for which asset values increases are relatively lower, all the other sizes are getting significantly higher numbers.
The Pana/Kamsarmax SnP market particularly has been very firm. In Sep 2020, Panamax MV ELENA II 06’blt with survey due in Q1,2021 concluded at low $8s million; in November, same age MV APOLO sold for low $9s mil basis survey due 01/2021 and just now the 06’ blt MV AJAX got low $10s mil again with surveys due promptly. We saw similar increases also in 12’ blt units with MV CORAL AMBER 78k dwt BWTS fitted getting mid-high $14s in December and sister ship CORAL AMETHYST without BWTS getting $16/low 16s mil by the end of January. For younger tonnage with electronic engines Japanese built we have not seen much activity, with the last being the sale of the MV SAKIZAYA NOBLE blt 17’ at $25.5m with balance of TC attached but clearly a potential buyer cannot repeat a deal at the same levels. Generally, the supply of such modern ships in the market has been limited for some time amid sellers holding back for much better numbers.
Moving on Capes, one notable sale is the MV Ocean Compass (180k/06’blt Japan), which sold in January 2021 at low 17s million, whereas in September the MV Lowlands Erica (176k/07’blt Japan) was sold for about $15m. As it is today, with the lack of many candidates openly in the market for sale and considering all the buying enquiries coupled with many unsolicited indications in attempt to develop private off-market candidates, we would not rule out further increase on prices if the earnings are maintained at the levels we see today. However, considering that the BCI is trading at $12,000/day currently and Panamax Tess 82 index is trading at $15,000/day, we believe that this can’t be maintained for too long and we hope that the CPI will rise and the long anticipated good market will become reality.
By Costas Hardalis,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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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Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
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- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- The University of Queensland
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
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