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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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Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
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- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
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