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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, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
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- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Minerals Council of Australia
- India Bulls Power Limited - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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