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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- The University of Queensland
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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