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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, 18 September 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 ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
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- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
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