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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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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Standard Chartered Bank - UAE
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
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