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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, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Minerals Council of Australia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
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