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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- PTC India Limited - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
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