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