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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- The University of Queensland
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
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