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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, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Planning Commission, India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
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