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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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Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
Wednesday, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
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- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Australian Coal Association
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- The University of Queensland
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
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