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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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Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
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