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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, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
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