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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, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
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- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
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