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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, 28 April 21
MARKET INSIGHT - INTERMODAL
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Monday, 26 April 21
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Wednesday, 21 April 21
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Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
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- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Planning Commission, India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
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