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