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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, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
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