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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Planning Commission, India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- The University of Queensland
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
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