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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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Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
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- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
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