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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, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- VISA Power Limited - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- The University of Queensland
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
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