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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
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