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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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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
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