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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Minerals Council of Australia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- PTC India Limited - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
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