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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, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- PTC India Limited - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- McConnell Dowell - Australia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- SMC Global Power, Philippines
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