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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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Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
Wednesday, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
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- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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