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