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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, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
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