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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, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
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- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- The University of Queensland
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
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