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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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Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Planning Commission, India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
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