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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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Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
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- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
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