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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
Tuesday, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
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- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
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