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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
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