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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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Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Central Electricity Authority - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
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