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Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
 Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interest has been driven by upbeat freight rates reaching more than decade highs, combined with assets being undervalued compared to both actual earnings and earnings expectations; Earnings and asset values expectations flared up after the counter seasonal surge in freight rates during Q1, which saw March recording the highest monthly dry SnP figure by historical standards, followed by June, when Panamax and Supramax freight rates hit the highest level since 2010. SnP monthly transactions have decelerated so far into July with the freight market correcting – albeit from multi year high levels - however asset values continue their upward trend. Since June, notable increases in values of more than 7% are observed in Cape and Kasmarmax particularly in the 5-10 Y age bracket. Below we present a short overview of the dry SnP transactions since March broken down by type of vessel.
During March 2021, total S&P transactions increased by approx. 25% compared to February 2021, reaching more than 80 deals. Slightly less than 20 Handysize vessels, marginally more than 25 Supramax/Ultramax bulkers, around 25 Panamax/Kamsarmax vessels and finally more than 10 Capesize/Newcastlemaxes changed hands back then. Supramaxes and Handysize vessels corresponded to almost half of the transactions that formed the total S&P deal landscape.
During April 2021, total SnP deals amounted to around 65, decreasing by approx. 25% vs the previous month. The decrease was driven mainly by Handysize and Supramax vessels and especially the latter that ended up accounting for around half of those committed in March 2021. As for the other segments, Kamsarmax and Capesize vessels maintained similar levels m-o-m while the Ultramax tonnage was the only one that a showed significant increase of around 50% compared to the previous month.
Moving on to May 2021, the total deals increased by around 10 in number of vessels. Handysize and Supramax deals surged by more than 50% m-o-m while the deals across all the other segments decreased significantly.
Regarding June 2021, we can argue that the number of deals did not differ significantly compared to May 2021 with Handysize, Kamsarmax, Post-Panamax and Capesize following a similar pattern m-o-m. However, Panamax and Ultramax bulkers that changed hands significantly increased tracking the freight market momentum and the number of Supramax decreased by approx. 70% m-o-m.
As far as the current month, the total transactions that have taken place so far in July amount to approx. 40. At the current pace, it looks like the full monthly figure will end up significantly below the monthly average deals recorded so far in 2021, driven mainly by Handysize and Panamax transactions slowing down. It remains to be seen, whether SnP volumes for the larger dry bulk segment will start catching up to the smaller ones, given constructive market expectations for Capesize in the next months.
By George Kallianiotis,
Valuation Department
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, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Australian Coal Association
- ASAPP Information Group - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
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