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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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Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
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- Deloitte Consulting - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
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