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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, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
Wednesday, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
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- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- The University of Queensland
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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