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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, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
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- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
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