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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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Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- The University of Queensland
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