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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, 25 October 21
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Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
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- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
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