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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- White Energy Company Limited
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
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