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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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Tuesday, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
Tuesday, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
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- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
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