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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, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
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