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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, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
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