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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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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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