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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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Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Interocean Group of Companies - India
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