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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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Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
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- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
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