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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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Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
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- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
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