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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, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- The University of Queensland
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
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