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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
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- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
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