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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- Xindia Steels Limited - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
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