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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- The University of Queensland
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
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