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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, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Planning Commission, India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
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