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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, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
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