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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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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- The University of Queensland
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Australian Coal Association
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
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