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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
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