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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
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
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