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Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
 Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,000 points mark on the 20th of August, a trend which followed an upward trajectory until the 27th of August when it reached 4,235 points. We are reminding you that the last time the dry bulk index exceeded the 4,000 points mark was back in May 2010 when the BDI reached 4209 points.
Such an increase in the dry bulk freight market could not but affect the secondhand prices of bulker units which saw their values improve sharply within a short period of time, a trend which seems that has not yet stabilized; we see last done level of asset values being higher from their previous one.
As a result of the sharp freight market improvement and the significant surge in buying interest, secondhand values have doubled since the beginning of the year. For instance, in early 2021, the price of a 15 year old Japanese Supramax vessel was estimated at around $7.7-8.0 million with the current price indication at above $15.0 million. In line with the Supramax sector, 15 year old Japanese Panamax units were sold at around $10.0-11.0 million back in January 2021 with the current price being negotiated at around $19.0 million.
However, Handysize asset appreciation during 2021 has been the most remarkable one. In recent years, the Handysize values and especially asset prices of the 28kdwt size were under significant pressure while even when the secondhand market enjoyed periods of recovery, price improvement of the Handysize vessels was lagging behind compared to their bigger counterparts. Yet, during 2021, the Handysize secondhand market has been extremely active with an outstanding price rise compared to the previous year values. For example, the price of a 15 year old Japanese 28kdwt Handysize unit during 2020 was estimated at around low $5.0 million while the current price of the same unit is estimated at a price of above $11.0 million.
This upward momentum has also positive affected the prices of the older ships; while interest for such vessels was almost muted, in 2021 we have seen several owners’ negotiating on units built from 1998 up to 2001 which has apparently pushed the price of the respective vessels upward as well. Of course, the price increase of these older units has been also impacted by the scrap prices which reached historical high levels during this year.
The six million dollar question is always how long this trend will last and at what point of the shipping business cycle we are at the moment of writing.
By George Iliopoulos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Thai Mozambique Logistica
- ASAPP Information Group - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
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