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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 $11.0 million.
This upward momentum has also positive affected the prices of the older ships; while interest for such vessels was almost muted, in 2021 we have seen several owners’ negotiating on units built from 1998 up to 2001 which has apparently pushed the price of the respective vessels upward as well. Of course, the price increase of these older units has been also impacted by the scrap prices which reached historical high levels during this year.
The six million dollar question is always how long this trend will last and at what point of the shipping business cycle we are at the moment of writing.
By George Iliopoulos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
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- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- White Energy Company Limited
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
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