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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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Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
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