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