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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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Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Petron Corporation, Philippines
- The University of Queensland
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
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