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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, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Economic Council, Georgia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
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