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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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Monday, 24 June 24
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Friday, 14 June 24
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Friday, 14 June 24
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Thursday, 13 June 24
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- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- The University of Queensland
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
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