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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Planning Commission, India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
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