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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- The University of Queensland
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
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