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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
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