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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
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