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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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Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Australian Coal Association
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
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