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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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Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
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Monday, 26 April 21
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Wednesday, 21 April 21
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Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
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- Sical Logistics Limited - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Planning Commission, India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- The University of Queensland
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
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