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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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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Australian Coal Association
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
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