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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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Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
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- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
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