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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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Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
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- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
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