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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Planning Commission, India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Meralco Power Generation, Philippines
- PTC India Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- The University of Queensland
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
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