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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
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