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