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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, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
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