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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Economic Council, Georgia
- The University of Queensland
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
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