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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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Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Planning Commission, India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
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