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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
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
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- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
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