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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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Thursday, 30 June 22
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- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Planning Commission, India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
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