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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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