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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, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
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