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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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- Madhucon Powers Ltd - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
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