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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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- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- The University of Queensland
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
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