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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, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
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- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
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