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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
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