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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
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- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
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