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