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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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Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- The University of Queensland
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Australian Coal Association
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
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