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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, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
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- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- The University of Queensland
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
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