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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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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- White Energy Company Limited
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
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