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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, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- India Bulls Power Limited - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
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