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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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Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
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- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
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