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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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Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
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- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- The University of Queensland
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Planning Commission, India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
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