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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, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - 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 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- The University of Queensland
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
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