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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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Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
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