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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, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
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- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
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