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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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Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
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- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Parliament of New Zealand
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
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