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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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Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
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Tuesday, 26 July 22
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South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- ASAPP Information Group - India
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