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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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Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
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- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
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