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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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Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
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- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
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