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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, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Planning Commission, India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- White Energy Company Limited
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
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