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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Australian Coal Association
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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