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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, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Petron Corporation, Philippines
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