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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Aditya Birla Group - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
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