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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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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Central Electricity Authority - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- MS Steel International - UAE
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
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