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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Planning Commission, India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
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