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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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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
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