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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Planning Commission, India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
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