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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, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
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- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Planning Commission, India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
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