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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, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
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