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