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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
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