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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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Friday, 23 February 24
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Monday, 19 February 24
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- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
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