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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, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Planning Commission, India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
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