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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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Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
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- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Australian Coal Association
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
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