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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
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