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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
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- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
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