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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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Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Parliament of New Zealand
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
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