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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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Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
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